Par Jason DeCuir
Louisiana voters rejected a recommendation of the state’s HCR 11 Task Force on Structural Changes in Budget and Tax Policy that would have created a single flat corporate tax rate of 6.5% and eliminated the federal income tax deduction for corporations. The vote was required because the income tax deduction is in the Louisiana State Constitution.
On Election Day, November 8, 2016, Proposed Constitutional Amendment No. 3 failed with a vote of 56% (“no” to the elimination of the deduction). Consequently, Louisiana’s corporate income tax brackets and rate structures will remain the same.
We previously issued a comprehensive special report on all the Louisiana tax developments on November 3, 2016. In addition, we announced our plans once the election was over to have a webinar to review all the developments that have occurred. Please watch for a “Save the Date” announcement for further information on the webinar.