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2024 Third Extraordinary Session
HOUSE BILL NO. 1
BY REPRESENTATIVE EMERSON
TAX/INCOME TAX: Provides for a flat rate for purposes of calculating income tax for
individuals, estates, and trusts, increases the standard deduction, and modifies or
repeals certain income tax deductions and credits (Item #5 and 6)
1 AN ACT
2To amend and reenact R.S. 47:32(A), 32.1, 44.1(A), 287.732.2(B), 287.750(I), 293(9)(a)(iv)
3 and (10), 294, 295, 300.1, 300.3(3), 4302(B), 6007(I), 6015(J), 6019(A)(1)(a)(i),
4 6020(H), 6022(D)(4)(introductory paragraph), and 6023(I), and R.S. 51:1787(L) and
5 2461, to enact R.S. 47:293(9)(a)(xxvi), 297.25, 300.6(B)(3), 300.7(C)(3), 3204(M),
6 and 6022(M) and R.S. 51:2399.3(C), and to repeal R.S. 47:32(B), 79, 293(9)(a)(ix)
7 and (xvii), 293.2, 297, 297.2, 297.6, 297.7, 297.9, 297.20(A)(2), and 297.21(A)(2),
8 relative to income tax; to provide for a flat tax rate for individuals, estates, and trusts;
9 to provide for the calculation of individual income tax liability; to provide for the
10 reduction of individual income tax rates under certain circumstances; to provide for
11 certain requirements and limitations for the reduction of individual income tax rates;
12 to provide for the amount of the standard deduction; to reduce certain deductions and
13 credits; to increase the amount of the deduction for certain annual retirement income;
14 to provide for certain definitions; to establish bonus depreciation and bonus
15 amortization deductions; to provide for certain limitations with respect to the bonus
16 depreciation; to provide for personal exemptions and credits for dependents; to
17 provide for the rates and brackets for estates and trusts; to provide for the termination
18 of certain credits claimed against income tax liability; to repeal provisions relative
19 to elections made by certain corporations and flow-through entities; to repeal
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1 provisions for certain disallowed expenses; to repeal the deduction for net capital
2 gains; to repeal regulation requirements for the capital gains deduction; to repeal
3 certain limitations on the deduction for children adopted from foster care; to repeal
4 certain limitations on the deduction for the private adoption of certain children; to
5 provide for applicability; to provide for an effective date; and to provide for related
6 matters.
7Be it enacted by the Legislature of Louisiana:
8 Section 1. R.S. 47:32(A), 32.1, 44.1(A), 287.732.2(B), 287.750(I), 293(9)(a)(iv) and
9(10), 294, 295, 300.1, 300.3(3), 4302(B), 6007(I), 6015(J), 6019(A)(1)(a)(i), 6020(H),
106022(D)(4)(introductory paragraph), and 6023(I) are hereby amended and reenacted and R.S.
1147:293(9)(a)(xxvi), 297.25, 300.6(B)(3), 300.7(C)(3), 3204(M), and 6022(M) are hereby
12enacted to read as follows:
13 §32. Rates of tax
14 A. On individuals. The tax to be assessed, levied, collected, and paid upon
15 the taxable income of an individual shall be computed at the following rates:
16 (1) One and eighty-five one hundredths percent on that portion of the first
17 twelve thousand five hundred dollars of net income which is in excess of the credits
18 against net income provided for in R.S. 47:79.
19 (2) Three and one-half percent on the next thirty-seven thousand five
20 hundred dollars of net income.
21 (3) Four and twenty-five one hundredths rate of three percent on any amount
22 of net income in excess of fifty thousand dollars of net income.
23 * * *
24 §32.1. Individual income tax rate reduction; trigger
25 A. As used in this Section, the following words shall have the following
26 meanings ascribed to them unless the context clearly indicates otherwise:
27 (1) "Actual general fund revenues" means the actual state general fund direct
28 revenue collections, plus any revenues dedicated to funds enacted after January 1,
29 2025, that would have been credited to the state general fund pursuant to the law in
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1 effect on January 1, 2025. Beginning October 1, 2026, actual general fund revenues
2 shall be calculated by the secretary of the Department of Revenue and the State
3 Treasurer on October first of each year for the prior fiscal year.
4 (2) "Base year revenues" means twelve billion one hundred fifty-five million
5 one hundred thousand dollars.
6 (3) "Secretary" means the secretary of the Department of Revenue
7 B.(1) Beginning January 1, 2024 October 1, 2026, and each January October
8 first through 2034 thereafter, if the prior fiscal year's actual individual income tax
9 collections as reported in the state's accounting system general fund revenues exceed
10 the actual individual income tax collections for the fiscal year ending June 30, 2019,
11 as reported in the state's accounting system, adjusted annually by the growth factor
12 provided for in Article VII, Section 10(C) of the Constitution of Louisiana base year
13 revenues as determined by the secretary, the individual income tax rate in R.S. 47:32
14 for the tax year beginning the following January first shall be reduced as provided
15 in Paragraph (2) of this Subsection. Base year revenues shall be adjusted annually
16 beginning October 1, 2027, by an amount equal to the percentage increase in the
17 Consumer Price Index United States city average for all urban consumers (CPI-U),
18 as reported by the United States Department of Labor, Bureau of Labor Statistics, or
19 its successor, for the previous calendar year.
20 (2) The reduced rates shall be calculated by multiplying each current rate by
21 the difference between one and the percentage change in individual income tax
22 collections in excess of the individual income tax collections for Fiscal Year 2018-
23 2019 adjusted annually by the growth factor as provided in Paragraph (1) of this
24 Subsection. Rate reductions shall be made only if both of the following conditions
25 are met:
26 (a) The prior fiscal year's actual total tax, licenses, and fees exceed the actual
27 total tax, licenses, and fees for Fiscal Year 2018-2019, adjusted annually by the
28 growth factor in Article VII, Section 10(C) of the Constitution of Louisiana.
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1 (b) The Budget Stabilization Fund balance as determined by the treasurer is
2 at least two and one-half percent of the total state revenue receipts from the prior
3 fiscal year rate shall be reduced by twenty-five hundredths of one percent for each
4 multiple of three hundred seventy-four million dollars, adjusted annually, by which
5 the prior fiscal year's actual general fund revenues exceed the base year revenues.
6 The annual adjustment provided for in this Paragraph shall begin October 1, 2027,
7 and mean an adjustment to the three hundred seventy-four million dollars by an
8 amount equal to the percentage increase in the Consumer Price Index United States
9 city average for all urban consumers (CPI-U), as reported by the United States
10 Department of Labor, Bureau of Labor Statistics, or its successor, for the previous
11 calendar year.
12 B. C. When the secretary and the state treasurer determine that the provisions
13 of this Section require a reduction in the individual income tax rates rate, the
14 secretary of the Department of Revenue shall publish the reduced rates rate, and shall
15 include the reduced rates when publishing the tax tables pursuant to R.S. 47:295 and
16 the withholding tables pursuant to R.S. 47:112.
17 C. The actual individual income tax collections and actual total tax, licenses,
18 and fees used in the calculations required by this Section shall be certified by the
19 office of statewide reporting and accounting policy.
20 D.(1) "Actual total tax, licenses, and fees" means actual total tax, licenses,
21 and fees as reported to the Revenue Estimating Conference.
22 (2) "Growth factor provided for in Article VII, Section 10(C) of the
23 Constitution of Louisiana" means the positive growth factor that is the most recent
24 average annual percentage rate of change of personal income for Louisiana as
25 defined and reported by the United States Department of Commerce for the three
26 calendar years prior to the fiscal year in which this calculation is made.
27 * * *
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1 §44.1. Annual retirement or disability income; exemption from taxation
2 A. Six Twelve thousand dollars of annual retirement income which is
3 received by an individual sixty-five years of age or older shall be exempt from state
4 income taxation. "Annual retirement income" is defined as pension and annuity
5 income which is included in "tax table income" as defined in R.S. 47:293. This
6 Section shall not affect the status of any income which is exempt from state income
7 taxation by law. The amount of the exemption provided for in this Subsection shall
8 be adjusted annually beginning January 1, 2026, by an amount equal to the
9 percentage increase in the Consumer Price Index United States city average for all
10 urban consumers (CPI-U), as reported by the United States Department of Labor,
11 Bureau of Labor Statistics, or its successor, for the previous calendar year.
12 * * *
13 §287.732.2. Election for S corporations and other flow-through entities
14 * * *
15 B. Notwithstanding any provision of law to the contrary, the tax on the
16 Louisiana taxable income of every entity that makes the election pursuant to this
17 Section shall be computed at the rates of: rate levied on individuals pursuant to the
18 provisions of R.S. 47:32.
19 (1) One and eighty-five one hundredths percent upon the first twenty-five
20 thousand dollars of Louisiana taxable income.
21 (2) Three and one-half percent upon the amount of Louisiana taxable income
22 above twenty-five thousand dollars but not in excess of one hundred thousand
23 dollars.
24 (3) Four and one-quarter percent upon the amount of Louisiana taxable
25 income above one hundred thousand dollars.
26 * * *
27 §287.750. Louisiana work opportunity tax credit
28 * * *
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1 I. No credit shall be granted pursuant to this Section for certifications
2 requested after June 30, 2027 June 30, 2025.
3 §293. Definitions
4 The following definitions shall apply throughout this Part, unless the context
5 requires otherwise:
6 * * *
7 (9)(a) "Tax table income", for resident individuals, means adjusted gross
8 income plus interest on obligations of a state or political subdivision thereof, other
9 than Louisiana and its municipalities, title to which obligations vested with the
10 resident individual on or subsequent to January 1, 1980, and less:
11 * * *
12 (iv) The excess, if any, of the personal exemptions and deductions standard
13 deduction provided for in R.S. 47:294 over the amount of the personal exemptions
14 and deductions already included in the tax tables promulgated by the secretary under
15 authority of R.S. 47:295.
16 * * *
17 (xxvi) The bonus depreciation deduction provided for in R.S. 47:297.25.
18 * * *
19 (10) "Tax table income", for nonresident individuals, means the amount of
20 Louisiana income, as provided in this Part, allocated and apportioned under the
21 provisions of R.S. 47:241 through 247, plus the total amount of the personal
22 exemptions and deductions already included in the tax tables promulgated by the
23 secretary under authority of R.S. 47:295, less the proportionate amount of excess
24 federal itemized personal deductions; the temporary teacher deduction; the recreation
25 volunteer and volunteer firefighter deduction; the construction code retrofitting
26 deduction; any gratuitous grant, loan, or other benefit directly or indirectly provided
27 to a taxpayer by a hurricane recovery entity if such benefit was included in federal
28 adjusted gross income; any gratuitous grant, loan, rebate, tax credit, advance refund,
29 or other qualified disaster relief benefit directly or indirectly provided to a taxpayer
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1 by the state or federal government as a COVID-19 relief benefit as defined in R.S.
2 47:297.16 if the benefit was included in the taxpayer's federal adjusted gross income;
3 the exclusion provided for in R.S. 47:297.3 for S Bank shareholders; the deduction
4 for expenses disallowed by 26 U.S.C. 280C; salaries, wages, or other compensation
5 received for disaster or emergency-related work rendered during a declared state
6 disaster or emergency; wages of nonresident individuals who are eligible for the
7 mobile workforce exemption pursuant to R.S. 47:248; the deduction for net capital
8 gains; the pass-through entity exclusion provided in R.S. 47:297.14; the exemption
9 for military survivor benefit plan payments pursuant to R.S. 47:297.17; the bonus
10 depreciation deduction provided for in R.S. 47:297.25 and personal exemptions and
11 deductions the standard deduction provided for in R.S. 47:294. The proportionate
12 amount is to be determined by the ratio of Louisiana income to federal adjusted gross
13 income. When federal adjusted gross income is less than Louisiana income, the ratio
14 shall be one hundred percent. The Department of Revenue shall promulgate
15 regulations in accordance with R.S. 47:293.2 relative to the individual income tax
16 deduction for income from net capital gains pursuant to this Paragraph.
17 * * *
18 §294. Personal exemptions and credit for dependents Standard deduction
19 A. All personal exemptions and deductions for dependents allowed in
20 determining federal income tax liability, including the extra exemption for the blind
21 and aged, will be allowed in determining the tax liability in this Part. A standard
22 deduction shall be allowed in determining a taxpayer's tax liability pursuant to this
23 Part. Taxpayers are required to use the same filing status and claim the same
24 exemptions on their return required to be filed under this Part as they used on their
25 federal income tax return. The amounts to be taken into consideration For tax year
26 2025, the amount of the standard deduction shall be as follows:
27 A. A combined personal exemption and standard deduction in the following
28 amounts:
29 a.(1) Single Individual $ 4500.00 $12,500.00
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1 b.(2) Married-Joint Return and a Qualified Surviving Spouse $ 9000.00 $25,000.00
2 c.(3) Married-Separate $ 4500.00 $12,500.00
3 d.(4) Head of Household $ 9000.00 $25,000.00
4 B. An additional deduction of one thousand dollars shall be allowed for each
5 allowable exemption in excess of those required to qualify for the exemption
6 allowable under R.S. 47:294(A). Beginning January 1, 2026 and thereafter, the
7 amount of the standard deduction provided in Subsection A of this Section shall be
8 adjusted annually by an amount equal to the percentage increase in the Consumer
9 Price Index United States city average for all urban consumers(CPI-U), as reported
10 by the United States Department of Labor, Bureau of Labor Statistics, or its
11 successor, for the previous calendar year.
12 §295. Tax imposed on individuals; administration
13 A. There is imposed an income tax for each taxable year upon the Louisiana
14 income of every individual, whether resident or nonresident. The amount of the tax
15 shall be determined from tax tables imposing the maximum tax allowed under the
16 rates of tax and brackets set forth in accordance with the provisions of R.S. 47:32
17 promulgated by the secretary under authority of this Section in accordance with the
18 Administrative Procedure Act. However, the tax imposed by this Part shall never
19 exceed the rates of tax and brackets set forth in R.S. 47:32.
20 B. The secretary shall establish tax tables that calculate the tax owed by
21 taxpayers based upon where their taxable income falls within a range that shall not
22 exceed two hundred fifty dollars. The secretary shall provide in the tax tables that
23 the combined personal exemption, standard deduction, and other exemption
24 deductions in R.S. 47:294 shall be deducted from the lowest bracket. If the combined
25 exemptions and deductions exceed the lowest bracket, the excess shall be deducted
26 from the next lowest bracket. If the combined exemptions and deductions exceed the
27 two lowest brackets, the excess shall be deducted from the next lowest bracket.
28 C. The secretary of the Department of Revenue shall administer and enforce
29 this Part. and He may adopt, prescribe, and from time to time alter and enforce
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1 reasonable rules, orders, and regulations for the purpose of implementing this Part.
2 He The secretary may, upon making a record of his reasons therefor, waive, reduce,
3 or compromise any of the taxes, penalties, or interest or other amounts provided by
4 this Part. Until December 31, 2015, in any case when the penalty exceeds twenty-
5 five thousand dollars, it can be waived by the secretary only after approval by the
6 Board of Tax Appeals. Notwithstanding the provisions of R.S. 47:1508, beginning
7 January 1, 2016, waivers of all penalties exceeding twenty-five thousand dollars
8 shall be subject to oversight by the House Committee on Ways and Means and the
9 Senate Committee on Revenue and Fiscal Affairs. This provision shall not apply to
10 any penalty the secretary remits or waives in accordance with rules and regulations
11 promulgated pursuant to the Administrative Procedure Act regarding the remittance
12 or waiver of penalties under the department's voluntary disclosure program.
13 D.C. The secretary may require that a complete copy of the taxpayer's federal
14 income tax return, or any part thereof, be filed. When so the return is filed, the
15 federal income tax return, or part thereof, shall constitute and become part of the
16 return required to be filed under this Part.
17 * * *
18 §297.25 Tax deduction; election; bonus depreciation and amortization
19 A. General. For purposes of computing tax table income for taxable years
20 beginning on or after January 1, 2025, there shall be allowed a deduction, at the
21 election of the taxpayer, from federal adjusted gross income for costs of qualified
22 property, qualified improvement property, and research and experimental
23 expenditures, as provided in this Section.
24 B. Definitions. For purposes of this Section, the following words shall have
25 the following meanings:
26 (1) "Bonus depreciation" and "bonus amortization" mean methods to recover
27 costs for expenditures in depreciable or amortizable business assets by immediately
28 deducting the cost of the expenditures in the tax year in which the property is placed
29 in service or the expenditure is paid or incurred.
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1 (2) "Internal Revenue Code" means Title 26 of the United States Code and
2 Title 26 of the Code of Federal Regulations, each as in effect on January 1, 2024.
3 (3) "Qualified improvement property" shall have the same meaning as the
4 term is defined in Section 168(e)(6) of the Internal Revenue Code.
5 (4) "Qualified property" shall have the same meaning as the term is defined
6 in Section 168(k) of the Internal Revenue Code.
7 (5) "Research and experimental expenditures" shall have the same meaning
8 as the term is defined by Section 174 of the Internal Revenue Code as in effect on
9 January 1, 2024.
10 C. Bonus depreciation for qualified property and qualified improvement
11 property.
12 (1) Expenditures for qualified property or qualified improvement property
13 placed in service on or after January 1, 2025, shall be eligible for bonus depreciation
14 and, if elected by the taxpayer, shall be deducted as an expense incurred by the
15 taxpayer during the taxable year in which the property is placed in service.
16 (2) If a taxpayer elects bonus depreciation for costs of qualified property or
17 qualified improvement property, any depreciation claimed pursuant to this Section
18 shall not duplicate any depreciation or bonus depreciation allowable on the federal
19 income tax return of the taxpayer for the taxable year.
20 (3) For taxable periods subsequent to the tax year in which the election has
21 been made pursuant to this Section, federal adjusted gross income shall be increased
22 by the amount of depreciation claimed under the Internal Revenue Code for the
23 qualified property or qualified improvement property for which bonus depreciation
24 has been claimed.
25 (4) Costs of qualified property or qualified improvement property for which
26 a taxpayer has elected bonus deprecation pursuant to the provisions of this Section
27 shall be subject to recapture upon the sale or disposition of the property in
28 accordance with Subchapter P of Chapter 1 of Subtitle A of the Internal Revenue
29 Code as in effect on January 1, 2024.
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1 D. Bonus amortization for research and experimental expenditures.
2 (1) Research and experimental expenditures paid or incurred on or after
3 January 1, 2025, shall be eligible for bonus amortization and, if elected by the
4 taxpayer, shall be deducted as an expense incurred by the taxpayer during the taxable
5 year in which the expenditure was incurred.
6 (2) If a taxpayer elects bonus amortization for research and experimental
7 expenditures, any amortization claimed pursuant to this Section shall not duplicate
8 any amortization or bonus amortization allowable on the federal income tax return
9 of the taxpayer for the taxable year.
10 (3) For taxable periods subsequent to the tax year in which the election has
11 been made pursuant to this Section, federal adjusted gross income shall be increased
12 by the amount of amortization claimed under the Internal Revenue Code for research
13 and experimental expenditures for which bonus amortization has been claimed.
14 (4) Research and experimental expenditures for which a taxpayer has elected
15 bonus amortization pursuant to the provisions of this Section shall be excluded from
16 the basis of property related to the expenditures upon the sale or disposition of the
17 property in accordance with Subchapter P of Chapter 1 of Subtitle A of the Internal
18 Revenue Code as in effect on January 1, 2024.
19 E. Election. An election is made when a taxpayer timely files an original or
20 amended Louisiana individual income tax return with depreciation or amortization
21 expensed in the calculation of Louisiana tax table income.
22 F. Nothing in this Section shall be construed to allow as an expense the
23 excess of one hundred percent of the cost of property or expenditures. The
24 provisions of this Section shall not be construed to alter the treatment of expenses
25 for any tax year beginning on or before January 1, 2024.
26 G. Administration. The Department of Revenue may promulgate regulations
27 in accordance with the Administrative Procedure Act as are necessary to implement
28 the provisions of this Section.
29 * * *
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1 §300.1. Tax imposed
2 There is imposed an income tax for each taxable year upon the Louisiana
3 taxable income of every estate or trust, whether resident or nonresident. The tax to
4 be assessed, levied, collected, and paid upon the Louisiana taxable income of an
5 estate or trust shall be computed at the following rates:
6 (1) One and eighty-five hundredths percent on the first ten thousand dollars
7 of Louisiana taxable income.
8 (2) Three and one-half percent on the next forty thousand dollars of
9 Louisiana taxable income.
10 (3) Four and twenty-five one hundredths rate of three percent on Louisiana
11 taxable income in excess of fifty thousand dollars.
12 * * *
13 §300.3. Residents and nonresidents
14 The tax imposed by R.S. 47:300.1 upon the income of estates or trusts shall
15 apply to residents and nonresidents as follows:
16 * * *
17 (3) Estates or trusts located outside the United States that derive income
18 from Louisiana sources but are not required to file United States fiduciary income
19 tax returns shall be taxed and required to comply with this Part. Such estate or trust
20 shall be taxed in the same manner as other nonresident estates or trusts, and the
21 provisions of this Part shall apply as if the estate or trust had been required to file an
22 income tax return with the Internal Revenue Service for the current and all prior
23 years. In the alternative, such estate or trust may elect to be taxed at the rate of five
24 three percent on total gross income from Louisiana sources.
25 * * *
26 §300.6. Louisiana taxable income of resident estate or trust
27 * * *
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1 B. Modification. For purposes of this Section, federal taxable income shall
2 be modified by adding or subtracting the items set forth below:
3 * * *
4 (3) For taxable years beginning on or after January 1, 2025, a deduction shall
5 be allowed from federal taxable income for the cost of qualified property, qualified
6 improvement property, and research and experimental expenditures as provided for
7 in R.S. 47:297.25.
8 §300.7. Louisiana taxable income of nonresident estate or trust
9 * * *
10 C. Modification. For purposes of this Section, federal taxable income shall
11 be modified by adding or subtracting the items set forth below:
12 * * *
13 (3) For taxable years beginning on or after January 1, 2025, a deduction shall
14 be allowed from federal taxable income for the cost of qualified property, qualified
15 improvement property, and research and experimental expenditures as provided for
16 in R.S. 47:297.25.
17 * * *
18 §3204. Contracts of exemption; renegotiation; violations; lists; priority of
19 exemptions
20 * * *
21 M. No contracts shall be entered into and no existing contracts may be
22 renewed pursuant to the provisions of this Section after June 30, 2025.
23 * * *
24 §4302. Contracts of exemption; renegotiation; violation; lists
25 * * *
26 B.(1) Each contract of exemption entered into under authority of this Chapter
27 may be renewed for periods of up to five years, provided that the total number of
28 years of exemption shall not exceed fifteen years unless otherwise provided in R.S.
29 47:3204(B)(1)(c).
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1 (2) No contracts shall be entered into and no existing contracts may be
2 renewed pursuant to the provisions of this Section after June 30, 2025.
3 * * *
4 §6007. Motion picture production tax credit
5 * * *
6 I. No credits shall be allowed pursuant to this Section for applications
7 received on or after July 1, 2031 June 30, 2025.
8 * * *
9 §6015. Research and development tax credit
10 * * *
11 J. No credit shall be allowed pursuant to this Section for research
12 expenditures incurred, Small Business Technology Transfer Program funds received
13 or Small Business Innovation Research Grant funds applications received after
14 December 31, 2029 June 30, 2025.
15 * * *
16 §6019. Tax credit; rehabilitation of historic structures
17 A.(1)(a)(i) There shall be a credit against income and corporation franchise
18 tax for the amount of eligible costs and expenses incurred during the rehabilitation
19 of a historic structure located in a downtown development district, located in a
20 cultural district, or contributing to the National Register of Historic Places. The
21 amount of the credit shall equal twenty-five percent of the eligible costs and
22 expenses of the rehabilitation incurred prior to January 1, 2018, regardless of the
23 year in which the property is placed in service. The amount of the credit shall equal
24 twenty percent of the eligible costs and expenses of the rehabilitation incurred on or
25 after January 1, 2018, and before January 1, 2023, regardless of the year in which the
26 property is placed in service. The amount of the credit shall equal twenty-five
27 percent of the eligible costs and expenses of the rehabilitation incurred on or after
28 January 1, 2023, and before January 1, 2029, regardless of the year in which the
29 property is placed in service. No credit is authorized pursuant to this Section for
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1 expenses incurred on or after January 1, 2029. No credits shall be granted pursuant
2 to this Section for any applications for which Part I is received after June 30, 2025.
3 * * *
4 §6020. Angel Investor Tax Credit Program
5 * * *
6 H. No credits shall be granted or reserved under this program for reservation
7 applications received by the department on or after July 1, 2030 June 30, 2025.
8 * * *
9 §6022. Digital interactive media and software tax credit
10 * * *
11 D. Tax credit; specific projects.
12 * * *
13 (4) For applications for state-certified productions submitted to the office on
14 or after July 1, 2017, and before July 1, 2025, and subsequently approved by the
15 office and secretary, there are hereby authorized tax credits that shall be earned by
16 a company at the time funds are expended in Louisiana on a state-certified
17 production as follows:
18 * * *
19 M. No credit shall be granted pursuant to the provisions of this Section for
20 applications received after June 30, 2025.
21 §6023. Sound recording investor tax credit
22 * * *
23 I. No credits shall be granted pursuant to the provisions of this Section for
24 applications received on or after July 1, 2026 July 1, 2025.
25 * * *
26 Section 2. R.S. 51:1787(L) and 2461 are hereby amended and reenacted and R.S.
2751:2399.3(C) is hereby enacted to read as follows:
28 §1787. Enterprise zone incentives
29 * * *
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1 L. The department shall not accept any advance notification on or after July
2 1, 2026 July 1, 2025.
3 * * *
4 §2399.3. Modernization tax credit
5 * * *
6 C. No credits shall be granted pursuant to the provisions of this Section for
7 applications received after June 30, 2025.
8 * * *
9 §§22446611.. Application deadline
10 No new advance notifications under this Chapter shall be accepted by the
11 Department of Economic Development after June 30, 2026 June 30, 2025. However,
12 an employer that was approved by the department to receive incentives under the
13 program on or before June 30, 2026 June 30, 2025, shall continue to receive
14 incentives pursuant to the terms of its agreement with the state of Louisiana as long
15 as the employer retains its eligibility.
16 Section 2. R.S. 47:32(B), 79, 293(9)(a)(ix) and (xvii), 293.2, 297, 297.2, 297.6,
17297.7, 297.9, 297.20(A)(2), and 297.21(A)(2) are hereby repealed in their entirety.
18 Section 3. The provisions of this Act shall be applicable to taxable periods beginning
19on and after January 1, 2025.
20 Section 4. This Act shall become effective upon signature by the governor or, if not
21signed by the governor, upon expiration of the time for bills to become law without signature
22by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
23vetoed by the governor and subsequently approved by the legislature, this Act shall become
24effective on the day following such approval.
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HB NO. 1
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 1 Engrossed 2024 Third Extraordinary Session Emerson
Abstract: Changes the rates and brackets for purposes of calculating income tax for
individuals, estates, and trusts from a graduated rate system to a single flat rate of
3%; increases the standard deduction; and modifies or repeals certain income tax
credits and deductions.
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)1.85% on the first $12,500 of net income.
(2)3.5% on the next $37,500 of net income.
(3)4.25% on net income in excess of $50,000.
Proposed law removes the graduated schedule of rates and brackets in favor of a flat 3%
individual income tax rate.
Present law provides that in cases where taxpayers file a joint return of husband and wife,
the combined tax shall be twice the combined tax of single filers.
Proposed law repeals present law.
Present law requires the automatic reduction in each individual income tax rate if, beginning
Jan. 1, 2024, and each Jan. 1st thereafter through 2034, the prior fiscal year's actual
individual income tax collections as reported in the state's accounting system exceed the
actual individual income tax collections for the fiscal year ending June 30, 2019, adjusted
annually by a growth factor. If the conditions in present law are met, individual income tax
rates shall be reduced beginning the following January first. Further requires the reduced
rate to be calculated by multiplying each current rate by the difference between one and the
percentage change in individual income tax collections in excess of the individual income
tax collections for Fiscal Year 2018-2019 adjusted annually by the growth factor as provided
for in existing constitution.
Proposed law changes present law by requiring the automatic reduction in the income tax
rate beginning Oct. 1, 2025, and each Oct. first thereafter if the prior fiscal year's actual
general fund revenues exceed the base year revenues as determined by the secretary of the
Dept. of Revenue (hereinafter "secretary"). Further provides that the rate shall be reduced
by .25% for each multiple of $374M by which the prior fiscal year's actual general fund
revenues exceed the base year revenues. For purposes of this rate reduction, "base year
revenues" is defined as $12,155,100,000 and "actual general fund revenues" is defined as the
actual state general fund direct revenue collections, plus any revenues dedicated to funds
enacted after Jan. 1, 2025, that would have been credited to the state general fund pursuant
to the law in effect on Jan. 1, 2025.
Proposed law requires both the $374M and $12,155,100,000 amounts to be adjusted annually
beginning Oct. 1, 2027, by an amount equal to the average annual increase in the Consumer
Price Index (CPI) for all urban consumers, as published by the U.S. Dept. of Labor, for the
previous calendar year, as calculated by the secretary.
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HB NO. 1
Present law provides that all personal exemptions and deductions for dependents allowed in
determining federal income tax liability shall be allowed in determining La. tax liability.
Further provides for a combined personal exemption of $4,500 for single, individual filers;
$9,000 for married, joint filers; $4,500 for married, separate filers; and $9,000 for filers who
are the head of household.
Proposed law changes present law by increasing the combined personal exemption to
$12,500 for single, individual and married, separate filers. Also increases to $25,000 the
combined personal exemption for married, joint filers, qualified surviving spouses, and filers
who are the head of household. Further requires the amount of these exemptions to be
adjusted annually beginning Jan. 1, 2026, by an amount equal to the average annual increase
in the CPI for all urban consumers, as published by the U.S. Dept. of Labor, for the previous
calendar year, as calculated by the secretary.
Present law authorizes a credit of $400 for each dependent who meets certain criteria and
an additional deduction of $1,000 for each allowable exemption in excess of those required
to qualify for the exemption allowable under present law (R.S. 47:294(A)).
Proposed law repeals present law.
Present law requires the secretary of the Dept. of Revenue to establish tax tables that
calculate the tax owed by taxpayers based upon where their taxable income falls within a
range that does not exceed $250. Proposed law removes requirement that the range not
exceed $250.
Present law further requires the secretary to provide in the tax tables the combined personal
exemption, standard deduction, and other exemption deductions in present law which are
deducted from the 2% bracket. If the combined exemptions and deductions exceed the 2%
bracket, the excess is deducted from the 4% bracket, and then the 6% bracket.
Proposed law repeals present law.
Present law authorizes an S corporation or entity taxed as a partnership for federal income
tax purposes to elect to be taxed and to comply with requirements of present law as if the
entity had been required to file an income tax return with the I.R.S. as a C corporation. S
corporations that make this election shall not be eligible for the S corporation exclusion
provided in present law. Further provides that the tax levied on the La. taxable income of
every entity that makes this election shall be computed at the following rates:
(1)1.85% on the first $25,000 of La. taxable income.
(2)3.5% on La. taxable income above $25,000 but not in excess of $100,000.
(3)4.25% on La. taxable income above $100,000.
Proposed law changes present law to remove the graduated schedule of rates and brackets
in favor of a flat 3% income tax rate levied for individuals.
Present law exempts $6,000 of annual pension or annuity income received by an individual
65 years of age or older from state income taxation.
Proposed law increases the amount of annual pension or annuity income exempt from
income taxation from $6,000 to $12,000 and further requires the amount of the exemption
to be adjusted annually beginning Jan. 1, 2026, by an amount equal to the average annual
increase in the CPI for all urban consumers, as published by the U.S. Dept. of Labor, for the
previous calendar year, as calculated by the secretary.
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Proposed law authorizes, beginning Jan. 1, 2025, a bonus depreciation deduction for
qualified property or qualified improvement property and a bonus amortization deduction
for research and experimental expenditures, at the election of the taxpayer, for costs of
qualified property, qualified improvement property, and research and experimental
expenditures. "Bonus depreciation" and "bonus amortization" mean methods to recover costs
for expenditures in depreciable or amortizable business assets by immediately deducting the
cost of the expenditures in the tax year in which the property is placed in service or the
expenditure is paid or incurred.
Proposed law prohibits any depreciation claimed from duplicating any depreciation or bonus
depreciation allowable on the federal income tax return of the taxpayer for the taxable year.
Proposed law requires federal adjusted gross income to be increased by the amount of
depreciation or amortization claimed under the Internal Revenue Code (IRC) for the
qualified property, qualified improvement, and research and experimental expenditures for
which bonus depreciation has been claimed for taxable periods subsequent to the tax year
in which the election has been made. Prohibits proposed law from being construed to allow
as an expense the excess of 100% of the cost of property or expenditures.
Present law authorizes a deduction, for purposes of calculating tax table income for resident
and nonresident individuals, for income from net capital gains, which is limited to gains
recognized and treated for federal income tax purposes as arising from the sale or exchange
of an equity interest in or substantially all of the assets of certain businesses domiciled in La.
The deduction is limited to sales or exchanges of equity interests in or assets of a
nonpublicly traded business that the taxpayer has held for a minimum of five years
immediately prior to the sale or exchange. The amount of the deduction is based on the
amount of time the equity interest was held by the taxpayer. Present law requires the Dept
of Revenue to promulgate rules relative to the deduction in order to reduce administrative
requirements for eligible taxpayers.
Proposed law repeals present law.
Present law establishes deductions from tax table income for a taxpayer who adopts a child
who is in foster care or a youth receiving extended foster care services pursuant to the
Extended Foster Care Program Act or who adopts an infant who is unrelated to the taxpayer
and who is less than one year of age through a private agency or adopts an infant who is
unrelated to the taxpayer and who is less than one year of age through an attorney. The
amount of these deductions are $5,000 and shall be applicable in the year the adoption
becomes final. Present law provides that these deductions are in lieu of the dependency
deductions otherwise provided for in present law.
Proposed law retains present law as it relates to the deductions but repeals the limitation that
these deductions are in lieu of the dependency deductions otherwise provided for in present
law.
Present law provides for the computation of La. taxable income for a resident estate or trust,
including provisions for the federal income tax deduction, limitations of deductions for net
income, provisions for the federal deduction for alternative minimum tax, and the authority
of the secretary of the Dept. of Revenue to consider reductions to the federal income tax
deduction and the determination of the deductible portion of an alternative minimum tax.
Present law provides for a tax to be assessed, levied, collected, and paid on the La. taxable
income of an estate or trust at the following rates:
(1)2% on the first $10,000 of La. taxable income.
(2)4% on the next $40,000 of La. taxable income.
(3)6% on La. taxable income in excess of $50,000.
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Proposed law removes the graduated schedule of rates in favor of a flat 3% rate on taxable
income of an estate or trust.
Present law authorizes a nonrefundable income or franchise tax credit for businesses that
hire participants in the work release programs established pursuant to present law. The
amount of the credit shall be equal to 5% of the total wages paid to an eligible reentrant in
an eligible job for 12 consecutive months following the release of the eligible reentrant from
imprisonment. The total amount of tax credits granted to any eligible business shall not
exceed $2,500 per eligible reentrant. Proposed law prohibits credits from being granted after
June 30, 2027.
Proposed law retains present law but accelerates termination for granting credits from after
June 30, 2027, to certifications requested after June 30, 2025.
Present law authorizes the Board of Commerce and Industry, with approval of the governor,
to enter into exemption contracts with manufacturing establishments, headquarters, or
warehousing and distribution establishments seeking such exemption if requirements of
present law are met regarding the location of the entity seeking the exemption for tax
equalization.
Proposed law prohibits the Board of Commerce and Industry from entering into any
exemption contract on or after June 30, 2025, and prohibits the Board of Commerce and
Industry from renegotiating or approving the renewal of an existing contract after June 30,
2025.
Present law authorizes the following tax credits for state-certified motion picture
productions:
(1)A 25% tax credit if the base investment is in excess of $300,000 or if the production
is a La. screenplay production.
(2)An additional 5% base investment credit for projects filmed outside the New Orleans
Metro Zone, but not including St. John the Baptist Parish.
(3)An additional 10% base investment credit for certain expenditures equal to or greater
than $50,000 but less than $5 million for projects meeting certain La. screenplay
criteria.
(4)A 15% credit for La. resident payroll expenditures.
(5)A 5% credit for certain La.-based visual effects expenditures meeting certain
requirements.
Present law prohibits credits for applications received on or after July 1, 2031.
Proposed law retains present law but accelerates termination of the motion picture
production tax credit from applications received on or after July 1, 2031, to applications
received after June 30, 2025.
Present law authorizes an income and corporation franchise tax credit for certain taxpayers
who employ 50 or more persons and claim a federal income tax credit for increasing
research activities. This tax credit is also available for taxpayers who employ fewer than 50
employees if the employer meets certain eligibility requirements.
Present law authorizes an additional tax credit for taxpayers who receive a federal Small
Business Innovation Research (SBIR) grant or contract and Phase I or Phase II grants or
contracts from the Federal Small Business Technology Transfer (SBTT) program equal to
30% of the award received during the tax year.
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Present law prohibits tax credits for research expenditures incurred, SBTT Program funds
received, or SBIR Grant funds received after Dec. 31, 2029.
Proposed law retains present law but accelerates the termination date for granting credits for
research expenditures incurred, SBTT Program funds received, or SBIR Grant funds
received after Dec. 31, 2029, to applications received after June 30, 2025.
Present law authorizes a tax preference known commonly as the "rehabilitation of historic
structures tax credit" which provides a credit against income and corporation franchise tax
for the amount of eligible costs and expenses incurred during the rehabilitation of a historic
structure that meets qualifications provided in present law. The amount of the credit shall
equal 25% of the eligible costs and expenses of the rehabilitation incurred on or after Jan.
1, 2023, and before Jan. 1, 2029, regardless of the year the property is placed in service. For
the rehabilitation of a historic structure located in a rural area, the amount of the credit shall
equal 35% of the eligible costs and expenses of the rehabilitation incurred on or after Jan.
1, 2023, and before Jan. 1, 2029.
Present law prohibits the issuance of a credit for expenses incurred on or after Jan. 1, 2029.
Proposed law retains present law but accelerates termination of the credit for Part I
applications received after June 30, 2025.
Present law establishes the Angel Investor Tax Credit program which authorizes a 25%
income or corporate franchise tax credit on investments in La. small businesses that are
certified by La. Economic Development as "Louisiana Entrepreneurial Businesses."
Present law limits the total amount of credits granted under the program to $3.6 million per
year but authorizes the department to carry forward residual unused credits in any calendar
year to subsequent calendar years without regard to the annual credit cap. Prohibits credits
from being granted or reserved for applications received by the Dept. of Economic
Development on or after July 1, 2030.
Proposed law retains present law but accelerates the termination date for granting or
reserving credits from on or after July 1, 2030, to after June 30, 2025.
Present law authorizes an income or franchise tax credit for applications for state-certified
digital media productions submitted to the office of entertainment industry development on
or after July 1, 2017, and subsequently approved by the office and secretary, that shall be
earned by a company at the time funds are expended in La on a state-certified production.
The amount of the credit shall be equal to 18% of the base investment and an additional 7%
tax credit to the extent the base investment is expended on payroll for La. residents
employed in connection with a state-certified production.
Proposed law retains present law but terminates the credit beginning July 1, 2025 and
prohibits credits from being granted for applications received after June 30, 2025.
Present law authorizes a state income tax credit for investments made in state-certified sound
recording productions until July 1, 2026. The tax credit is earned by investors at the time
expenditures are certified by the Dept. of Economic Development (LED) according to the
total base investment certified for the sound recording production company per calendar
year. The aggregate amount of credits that can be certified each year is limited to
$2,160,000; however, 50% of the credits certified each year shall be reserved for qualified
music companies (QMC).
Present law provides that the amount of the credit for each investor for state-certified
productions received on or after July 1, 2017, is 18% of the base investment made by that
investor in excess of $25,000 or, if a resident of this state, in excess of $10,000. Present law
provides for the following additional tax credits for state-certified productions:
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(1)QMC Tier 1 payroll credit of 10% for each new job with a salary of $35,000 through
$66,000 per year.
(2)QMC Tier 2 payroll credit of 15% for each new job with a salary of $66,000 but not
more than $200,000.
(3)Additional 10% increase in the base amount if the base investment is expended by
a QMC on a sound recording of a resident copyright.
Proposed law prohibits credits from being allowed or granted for applications received on
or after July 1, 2025. Otherwise retains present law.
Present law provides for the Enterprise Zone Program under which the Board of Commerce
and Industry can enter into contracts after consultation with the secretary of LED and the
secretary of the Dept. of Revenue with qualified applicants for rebates of state and local sales
and use tax or a refundable investment income tax credit equal to 1.5% of the amount of
qualified expenditures.
Present law prohibits LED from accepting new advance notifications for the Enterprise Zone
Program on or after July 1, 2026.
Proposed law retains present law but changes the deadline for LED to accept new advance
notifications from on or after July 1, 2026, to on or after July 1, 2025.
Present law authorizes an employer to earn and apply for a refundable credit on any income
or corporation franchise tax liability in the amount approved by the secretary of LED for
qualified expenditures incurred by the employer for a modernization pursuant to the
Retention and Modernization Act. Further provides that for credits approved on and after
July 1, 2017, the amount of the credit granted shall be 4% of the amount of qualified
expenditures incurred by the employer for modernization with the credit divided in equal
portions for five years. The total amount of modernization tax credits granted in any
calendar year shall not exceed $7.2M regardless of the year in which the credit is claimed.
A retention and modernization tax credit shall expire and have no value or effect on tax
liability beginning with the eleventh tax year after the tax year in which it was originally
granted.
Proposed law retains present law but adds a termination date for the credit by prohibiting
credits from being issued for applications received after June 30, 2025.
Present law provides for the La. Quality Jobs Program under which LED can enter into
contracts with qualified applicants for rebates of sales and use tax and an investment tax
credit. Present law prohibits new advance notifications for the Quality Jobs Program to be
accepted by LED after June 30, 2026.
Proposed law retains present law but changes the deadline for LED to accept new advance
notifications for the Quality Jobs Program from after June 30, 2026, to after June 30, 2025.
Proposed law repeals the following income tax deductions and credits:
(1)Deduction for expenses disallowed by I.R.C. Section 280C. (R.S. 47:293(9)(a)(ix))
(2)Deduction for taxpayers or dependents who are deaf, blind, mentally incapacitated,
or who have lost the use of one or more limbs. (R.S. 47:297(A))
(3)Tax credit for the elderly, a credit for contributions to candidates for public office,
an investment credit, a credit for foreign tax, a work incentive credit, jobs credit, and
residential energy credit. (R.S. 47:297(B))
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(4)Tax credit for state gasoline, motor fuel, and special fuels taxes paid for the
operation of a commercial fishing boat. (R.S. 47:297(C))
(5)Tax credit for educational expenses incurred before Jan. 1, 2017, for each child
attending kindergarten, elementary, or secondary school through the 12
th
grade if the
child qualifies as a dependency exemption on the taxpayer's La. tax return unless the
deduction for the payment of tuition and fees for nonpublic elementary and
secondary school tuition is taken for the child. (R.S. 47:297(D))
(6)Tax credit for purchases of environmental equipment purchased between July 1,
1989, and Dec. 31, 1991, designed to recover or recycle chlorofluorocarbons used
as refrigerants in commercial, home, and automobile air-conditioning systems,
refrigeration units, and industrial cooling applications. (R.S. 47:297(G))
(7)Tax credit for small-town health professionals such as a certified medical primary
care physician, a primary care physician assistant, a dentist, an optometrist, or a
primary care nurse practitioner. (R.S. 47:297(H))
(8)Tax credit for bone marrow donor expenses. (R.S. 47:297(I))
(9)Tax credit for educational expenses associated with attending college for a degree
related to law enforcement. (R.S. 47:297(J))
(10)Tax credit for each taxpayer who provides full-time employment to an individual
who has been convicted of a first time drug offense. (R.S. 47:297(K))
(11)Tax credit for purchases of bulletproof vests. (R.S. 47:297(L))
(12)Tax credit for long-term care insurance premiums. (R.S. 47:297(M))
(13)Tax credit for expenses incurred for travel or absence from work because of a living
organ donation. (R.S. 47:297(N))
(14)Tax credit for employment of certain nonviolent offenders. (R.S. 47:297(O))
(15)Tax credit for the inclusion of accessible and barrier-free design elements in
construction of a new one- or two-family dwelling or the renovation of an existing
dwelling. (R.S. 47:297(P))
(16)Tax credit for employment related expenses for maintaining household for certain
disabled dependents. (R.S. 47:297.2)
(17)Tax credit for the rehabilitation of an owner occupied residential or mixed-use
property. (R.S. 47:297.6)
(18)Tax credit for the Citizen's property insurance assessment. (R.S. 47:297.7)
(19)Tax credit for amounts paid by certain military servicemembers for obtaining La.
hunting and fishing licenses. (R.S. 47:297.9)
Proposed law shall be applicable to taxable periods beginning on and after Jan. 1, 2025.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 47:32(A), 32.1, 44.1(A), 287.732.2(B), 287.750(I), 293(9)(a)(iv) and (10),
294, 295, 300.1, 300.3(3), 4302(B), 6007(I), 6015(J), 6019(A)(1)(a)(i), 6020(H),
6022(D)(4)(intro. para.), and 6023(I) and R.S. 51:1787(L) and 2461; Adds R.S.
47:293(9)(a)(xxvi), 297.25, 300.6(B)(3), 300.7(C)(3), 3204(M), and 6022(M) and R.S.
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51:2399.3(C); Repeals R.S. 47:32(B), 79, 293(9)(a)(ix) and (xvii), 293.2, 297, 297.2, 297.6,
297.7, 297.9, 297.20(A)(2), and 297.21(A)(2))
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