Louisiana Senate Bill SCR2

Louisiana 2015 Regular Session

• Introduced: 4/1/15
• Refer: 4/1/15
• Refer: 4/13/15

Caption

Suspends from July 1, 2015, through June 30, 2016, certain exclusions, exemptions, deductions, or credits against the individual income tax.

Impact

If enacted, SCR2 would directly modify the Louisiana Revised Statutes by pausing specific tax relief provisions for the designated period. Beneficial programs that offer financial relief through various personal income tax deductions and credits would be suspended, except for certain mandated personal exemptions and those required by federal law. This change may lead to increased tax liabilities for individuals and families, impacting their financial planning and disposable income for the duration of the suspension.

Summary

Senate Concurrent Resolution No. 2 (SCR2) proposes the suspension of certain exclusions, exemptions, deductions, and credits against the individual income tax in Louisiana from July 1, 2015, to June 30, 2016. The resolution highlights the state’s fiscal challenges, stating that revenues from these tax relief measures are critically needed to maintain essential services for citizens. By temporarily suspending these tax benefits, the bill aims to generate additional revenue for the state budget.

Sentiment

The sentiment surrounding SCR2 is expected to be mixed. Proponents of the resolution might argue that it is a necessary measure in light of the state's financial difficulties, emphasizing the importance of funding vital public services. In contrast, opponents could perceive the suspension of tax benefits as an unfair burden on taxpayers, particularly affecting lower and middle-income residents who rely on such exemptions and deductions to manage their financial obligations effectively.

Contention

Notable points of contention likely arise from the debate over the balance between fiscal responsibility and taxpayer relief. Encounters in discussions regarding SCR2 may include concerns about the long-term implications of suspending tax benefits and the potential adverse effects on the state’s economy. Critics might argue that relying on increased tax collections without addressing underlying budgetary issues could lead to a recurring cycle of financial distress rather than sustainable fiscal solutions.