Gov. Jeff Landry on Tuesday unveiled his plan to address an upcoming budget shortfall and overhaul the state’s tax system.
As WAFB-TV reports, Landry says he wants to lower the tax reform rates, and a new reform will provide an immediate increase in take-home pay for taxpayers.
The administration hopes to become income tax-free by the year 2033. It also intends to drop the corporate tax rate from 7.5% to 3.5% in order to bring in more jobs as well as expand the exemption for prescription drugs.
Following the announcement, the Committee of 100 for Economic Development announced that it plans to independently evaluate the plan’s effects.
“Without question, the effects of the proposed changes would significantly change major aspects of economic and fiscal policy for Louisiana. Better tax and fiscal policy can motivate investment and fuel economic growth,” C100’s statement reads.
