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Louisiana
Special
Legislative
Session
What to Expect
Louisiana Special Legislative Session: What to Expect
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
•
•
•
•
•
Louisiana Special Legislative Session: What to Expect
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
Louisiana Special Legislative Session: What to Expect
Louisiana Special Legislative Session: What to Expect
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
Louisiana Special Legislative Session: What to Expect
Louisiana Special Legislative Session: What to Expect
Louisiana Special Legislative Session: What to Expect
Louisiana Special Legislative Session: What to Expect
Louisiana Special Legislative Session: What to Expect
Louisiana Special Legislative Session: What to Expect
–
–
Louisiana Special Legislative Session: What to Expect
Louisiana Special Legislative Session: What to Expect
Sen. John
Alario
Rep. Taylor
Barras
Louisiana Special Legislative Session: What to Expect
Louisiana Special Legislative Session: What to Expect
Louisiana Special Legislative Session: What to Expect


Louisiana Special Legislative Session: What to Expect

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Louisiana Special Legislative Session: What to Expect

  • 4. 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 • • • • •
  • 6. Source: Revenue Estimating Conference 2015
  • 7. Source: Tax Exemption Budget 2014-15
  • 8. 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
  • 11. 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
  • 12. 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