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))