As the House Ways and Means Committee heard testimony last week on Gov. Jeff Landry’s proposal to reduce the corporate income tax rate and sunset a wide variety of tax credits and exemptions, some business owners testified that the cut would significantly impact their spending and make it harder to retain employees, The Center Square reports.
Gerard Ramos, founder of Revelry, a New Orleans-based digital technology company whose business heavily relies on the Digital Media Tax Credit, told legislators that the impact of losing the digital media credit outweighs any benefits of the lower tax rate. The credit has been crucial for Revelry in offsetting costs associated with training and retaining talent within the state.
“I’ll lose millions of dollars,” he said. “And we’ll move.”
