Published: June 4, 2021
By: Matthew Bennett and Adrian Dubose | LSU Manship School News Service
BATON ROUGE–The Legislature gave final approval Thursday to a bill to streamline sales tax collections, while the House refused to extend $180 million in tax credits for the movie industry, at least for now.
The Senate also voted to extend the suspension of the corporation franchise tax on the first $300,000 of capital for small business corporations with taxable income of $1 million or less. The measure could cost the state $313.5 million in revenue over five years.
The push to streamline sales tax collections was led by House Speaker Clay Schexnayder, R-Gonzalez. The goal was to create one body to collect both the state and local portions of the sales tax, simplifying the payment process for businesses, and then distribute the money to the various jurisdictions.
Schexnayder’s bill, HB 199, would require a constitutional amendment approved by state voters. It would then create the State and Local Streamlined Sales and Use Tax Commission, comprised of eight members, to oversee the effort and make the collection process as simple for businesses as it is in many other states.
“We’ve been trying to get this done for nearly 40 years and today we did it,” Schexnayder said in a statement. “Removing this roadblock is the critical first step in turning our state around and bringing good, high-quality jobs for our people. Today was a big day for Louisiana.”
Also on Thursday, the House voted 45-37 against extending the sunset date for the movie industry tax credit.
Read more at Biz Magazine