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Louisiana Special Legislative Session: What to Expect

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On February 14th, the Louisiana Legislature will convene for a three-week special session to address the state’s looming $1.9 billion budget shortfall for fiscal years 2016 and 2017. Newly inaugurated Governor John Bel Edwards has proposed a series of tax increases to close the gap. How will they affect your company? What are the state’s other options?

This presentation—created by Ryan Public Affairs Director Jason DeCuir, former Chief of Staff, Assistant Secretary and Executive Counsel for the Louisiana Department of Revenue—will highlight the current tax environment, Governor Edwards’s proposed measures to stabilize the budget, and changes to the legislative landscape.

Watch the full webinar presentation of these slides here http://ow.ly/Oijy300xSU7

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Louisiana Special Legislative Session: What to Expect

  1. 1. Louisiana Special Legislative Session What to Expect
  2. 2. 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 • • • • •
  3. 3. Source: Revenue Estimating Conference 2015
  4. 4. Source: Tax Exemption Budget 2014-15
  5. 5. 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
  6. 6. 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
  7. 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
  8. 8. – –
  9. 9. Sen. John Alario Rep. Taylor Barras
  10. 10.  

On February 14th, the Louisiana Legislature will convene for a three-week special session to address the state’s looming $1.9 billion budget shortfall for fiscal years 2016 and 2017. Newly inaugurated Governor John Bel Edwards has proposed a series of tax increases to close the gap. How will they affect your company? What are the state’s other options? This presentation—created by Ryan Public Affairs Director Jason DeCuir, former Chief of Staff, Assistant Secretary and Executive Counsel for the Louisiana Department of Revenue—will highlight the current tax environment, Governor Edwards’s proposed measures to stabilize the budget, and changes to the legislative landscape. Watch the full webinar presentation of these slides here http://ow.ly/Oijy300xSU7

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