Reduces the rate for corporate income tax and repeals corporate franchise taxes and federal deductions allowed on net state corporate income tax (OR -$79,000,000 GF RV See Note)
Establishes the office of debt recovery at the Dept. of Revenue for the collection of delinquent debts owed to certain governmental entities (EN SEE FISC NOTE GF RV See Note)
Removes the exclusion of the city of New Orleans and the parish of Orleans relative to the offset of individual income tax refunds (EN SEE FISC NOTE LF RV See Note)
Provides for a 5-year phase out of the state tax levied on the net income of individuals and includes special provisions relating to persons age 65 and older
Changes the oil spill contingency fee both in amount and application and removes limitation on expenditures from the Oil Spill Contingency Fund (EN SEE FISC NOTE SD RV See Note)