Louisiana

Special

Legislative

Session What to Expect

Revenue Source Aug FY16

Forecast

Nov FY16

Forecast

Increase/

(Decrease)

Corporate Income & Franchise Tax

$789.5 M $588.1 M ($201.4 M)

Individual Income Tax

$3,012.9 M $3,054.8 M $41.9 M

Sales & Use Tax

Severance Tax

Other LDR Tax Collections

DNR Royalties, Rentals, etc.

All other Revenues (Gaming, DPS, etc.)

Total Taxes,

Licenses & Fees

Dedications

Net General Fund

•

•

•

•

•

Source: Revenue Estimating Conference 2015

Source: Tax Exemption Budget 2014-15

Exemption (Tax Type) Authority FY 13-14

Value

Federal income tax deduction (PIT, CIT) LA

Constitution

$1.012 B

Subchapter S corporation (CIT) Statutory $524 M

Inventory Tax/Ad Valorem Tax Credit (PIT, CIT) Statutory $452 M

Sales of Electric Power or Energy-Nonresidential (Sales) Statutory $403 M

Sales of Food for Preparation and Consumption in the Home

(Sales)

LA

Constitution

$392 M

Sales of Gasoline, Gasohol, and Diesel (Sales) LA

Constitution

$365 M

Net Louisiana Operating Loss (CIT) Statutory $358 M

Excess Federal Itemized Deductions (PIT) Statutory $345 M

Drugs Prescribed by Physicians or Dentists (Sales) LA

Constitution

$283 M

Motion Picture Investor & Infrastructure Credit (PIT, CIT) Statutory $250 M

Bill

No.

Author Description FY 16

Fiscal Notes

Final

House Vote

HCR8 Montoucet Suspends exemptions on business utilities for

1% of state sales and use tax from July 1, 2015

to 60 days after final adjournment of the 2016

regular legislative session.

$107.2 M Yeas-65

Nays-38

HB62

4

Jackson Reduces certain corporate income tax

exclusions and deductions by 28% from July 1,

2015 to June 30, 2018 (does not affect the S-

Corporations exclusion).

$122 M Yeas-64

Nays-36

HB21

8

Broadwater Eliminates the three-year carry-back option for

net operating loss deductions for corporate

income tax and increases the carry-over period

from 15 years to 20 years.

$29 M Yeas-94

Nays-10

HB62

9

Jackson Reduces certain income and corporate

franchise tax credits and incentives by 28%

from July 1, 2015 to June 30, 2018 (does not

reduce inventory tax credit).

$31.5 M Yeas-66

Nays-35

HB40

2

Stokes Limits availability of tax credit for taxes paid in

other states from July 1, 2015 to June 30, 2018.

$34 M Yeas-96

Nays-7

Bill

No.

Author Description FY16

Fiscal

Notes

Final

House

Vote

HB

805

Adams Provides for carry forward rather than refunds of 25% of tax

credits for inventory and natural gas storage paid as

ad valorem taxes to local governments (does not apply to

companies with credits of $1,000 annually or less). Removes

refundability of various R&D tax credits.

$129 M Yeas-58

Nays-39

HB635 Jackson Reduces certain tax rebates by 20% from July 1, 2015 to

June 30, 2018; permanently excludes retail and food service

from the Enterprise Zone program, superseding the

provisions of HB466 by Rep. Barras.

$5 M Yeas-65

Nays-38

HB549 Thibaut Limits amount of severance tax exemption for oil and gas

produced by horizontally drilled wells.

$0 Yeas-76

Nays-24

HB829 Robideaux Caps certified motion picture investor tax credits from

July 1, 2015 to June 30, 2018.

$77 M Yeas-101

Nays-2

HB779 Ponti Reduces the maximum value of the solar energy systems

tax credit and provides for changes regarding eligibility and

requirements to claim the credit.

$19 M Yeas-90

Nays-11

HB119 Ritchie Increases the tax on cigarettes. $106.4 M Yeas-77

Nays-27

TOTAL $660.1 M

–

–

Sen. John Alario

Rep. Taylor Barras