HLS 15RS-1097 ORIGINAL
2015 Regular Session
HOUSE BILL NO. 550
BY REPRESENTATIVES THIERRY, BURRELL, COX, GAINES, HALL, HUNTER,
JACKSON, JAMES, TERRY LANDRY, PIERRE, SMITH, AND WOODRUFF
TAX/INCOME TAX: Reduces the individual income tax rates for purposes of computing
individual income tax liability
1 AN ACT
2To amend and reenact R.S. 47:32(A), relative to individual income tax; to reduce individual
3 income tax rates; to provide for effectiveness; and to provide for related matters.
4Be it enacted by the Legislature of Louisiana:
5 Section 1. R.S. 47:32(A) is hereby amended and reenacted to read as follows:
6 §32. Rates of tax
7 A. On individuals. The tax to be assessed, levied, collected and paid upon
8 the taxable income of an individual shall be computed at the following rates:
9 (1) Two One percent on that portion of the first twelve thousand five
10 hundred dollars of net income which is in excess of the credits against net income
11 provided for in R.S. 47:79;
12 (2) Four Three percent on the next thirty-seven thousand five hundred dollars
13 of net income;
14 (3) Six Five percent on any amount of net income in excess of fifty thousand
15 dollars of net income.
16 * * *
17 Section 2. The provisions of this Act applicable for all tax years beginning on and
18after January 1, 2015.
Page 1 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 15RS-1097 ORIGINAL
HB NO. 550
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 550 Original 2015 Regular Session Thierry
Abstract: Reduces the individual income tax rates for purposes of calculating individual
income liability from 2%, 4%, and 6% to 1%, 3%, and 5% respectively.
Present law provides for a tax to be assessed, levied, collected, and paid upon the taxable
income of an individual at the following rates:
(1)2% on the first $12,500 of net income;
(2)4% on the next $37,500 of net income;
(3)6% on net income in excess of $50,000.
Proposed law reduces individual income tax rates as follows:
(1)From 2% to 1% on the first $12,500 of net income;
(2)From 4% to 3% on the next $37,500 of net income;
(3)From 6% to 5% on net income in excess of $50,000.
Applicable for all tax years beginning on and after Jan. 1, 2015.
(Amends R.S. 47:32(A))
Page 2 of 2
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.