Louisiana House Bill HCR71

Louisiana 2015 Regular Session

• Introduced: 4/22/15
• Refer: 4/27/15

Caption

Suspends all individual income tax exclusions, exemptions, deductions, and credits

Impact

The resolution intends to temporarily eliminate various forms of individual income tax relief that taxpayers typically benefit from. This move signals a significant shift in tax policy during a period of fiscal challenge, indicating that maintaining vital public services might take precedence over tax reductions. If enacted, this suspension could affect the disposable income of individuals across Louisiana, potentially leading to economic repercussions at the individual and community levels as residents adjust to these changes in their tax liabilities.

Summary

HCR71, a House Concurrent Resolution introduced by Representative Fannin, proposes to suspend all individual income tax exclusions, exemptions, deductions, and credits until 60 days after the final adjournment of the 2016 Regular Session of the Louisiana Legislature. The primary motivation behind this resolution is to address the state’s financial condition, which has been deemed critical. By suspending these tax relief measures, the state aims to generate additional revenue necessary to maintain essential services for its citizens.

Sentiment

The sentiment surrounding HCR71 is likely to be mixed, reflecting a divide among constituents and legislators. Proponents may argue the necessity of such measures in light of the state's pressing financial needs, positing that generating revenue through suspending tax benefits is a responsible action. Conversely, opponents may view the resolution as an unfair burden on taxpayers and a retreat from the commitments made by the state to provide tax relief, leading to dissatisfaction among those who rely on these exemptions and deductions.

Contention

Notable points of contention may arise regarding the long-term implications of suspending these tax benefits. Critics might express concern that such a suspension could lead to a slippery slope into more permanent tax increases or a lack of future support for tax relief measures. Discussions are likely to center on the balance between immediate financial needs and the potential longer-term consequences for the state’s economic health, influencing the debate as lawmakers consider this resolution.