Louisiana voters on 13 November defeated a constitutional amendment that would have centralized sales tax administration at the state level (eliminating a warren of parish sales tax assessors and audits) but approved another constitutional amendment significantly impacting individual income, corporate income, and corporate franchise taxpayers.
For consideration: The objective of the constitutional amendments was to make Louisiana more business friendly, with a simplified local sales tax reporting and auditing mechanism and a lower overall tax rate for both the individual and corporate income and franchise taxes (although with a base broadened by removal of federal income tax deductions). Louisiana taxpayers should consider modeling the approved changes and tracking potential future rate change “triggers” to gauge the impact on their particular circumstances.