2023 Regular Session ENROLLED
SENATE BILL NO. 3
BY SENATOR ALLAIN
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
1 AN ACT
2 To amend and reenact R.S. 47:32.1(A)(1) and 601.2(A)(1), relative to personal income tax
3 and corporation franchise tax automatic rate reductions; to change the month for the
4 annual determination of the automatic rate reductions; to provide for an effective
5 date; and to provide for related matters.
6 Be it enacted by the Legislature of Louisiana:
7 Section 1. R.S. 47:32.1(A)(1) and 601.2(A)(1) are hereby amended and reenacted to
8 read as follows:
9 §32.1. Individual income tax rate reduction; trigger
10 A.(1) Beginning April January 1, 2024, and each April January first
11 through 2034, if the prior fiscal year's actual individual income tax collections as
12 reported in the state's accounting system exceed the actual individual income tax
13 collections for the fiscal year ending June 30, 2019, as reported in the state's
14 accounting system, adjusted annually by the growth factor provided for in Article
15 VII, Section 10(C) of the Constitution of Louisiana, the individual income tax rate
16 in R.S. 47:32 for the tax year beginning the following January first shall be reduced
17 as provided in Paragraph (2) of this Subsection.
18 * * *
19 §601.2. Automatic rate reduction
20 A.(1) Beginning April January 1, 2024, and each April January first
21 thereafter, if the prior fiscal year's actual corporation income and franchise tax
22 collections as reported in the state's accounting system exceed the actual corporation
23 income and franchise tax collections for the fiscal year ending June 30, 2019, as
24 reported in the state's accounting system, adjusted annually by the growth factor
25 provided for in Article VII, Section 10(C) of the Constitution of Louisiana, the
ACT No. 435
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 3 ENROLLED
1 corporation franchise tax rate in R.S. 47:601 for the tax year beginning the following
2 January first shall be reduced as provided in Paragraph (2) of this Subsection.
3 * * *
4 Section 2. This Act shall become effective upon signature by the governor or, if not
5 signed by the governor, upon expiration of the time for bills to become law without signature
6 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
7 vetoed by the governor and subsequently approved by the legislature, this Act shall become
8 effective on the day following such approval.
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.