Provides for a flat rate for purposes of calculating income tax for individuals, estates, and trusts and modifies certain income tax deductions and credits (OR +$19,000,000 GF RV See Note)
Phases-out the corporation income and franchise taxes and reduces the amount of exemptions, deductions, and credits that may be claimed to reduce corporate income and franchise tax liability (OR -$644,000,000 RV See Note)
Establishes a tax credit for infant adoptions and the Strong Louisiana Families Tax Credit for donations to certain social service organizations (OR -$16,900,000 GF RV See Note)
Repeals the corporation franchise tax and removes eligibility of certain tax credits to be claimed against corporation franchise tax (OR -$324,000,000 GF RV See Note)
Authorizes establishment of tax-advantaged catastrophe savings accounts to cover losses from damage to taxpayers' primary residences and commercial property (OR DECREASE GF RV See Note)
To establish the La. Economic Advancement Plan (LEAP) which provides for ad valorem tax exemptions for certain capital investment projects (OR INCREASE GF EX See Note)