On October 26, 2024, Governor Landry issued a Call to Convene the Legislature of Louisiana into Extraordinary Session (the “Call”) to address state tax reform. Specifically, the Call seeks to lower income tax rates in the state, eliminate uncompetitive taxes, and expand the sales tax base, among other changes. The package includes a comprehensive rewrite of Article VII of the Constitution, an expansion of the sales and use tax base to include most services, an elimination of the corporate franchise tax, and an incentive for local governments to eliminate the inventory tax. The expanded services, as one example, would impose sales and use tax on repairs to buildings, factories, chemical plants, machinery and equipment for both the parts and the labor. The package will contain 15 legislative bills in addition to a constitutional amendment. The Extraordinary Session is scheduled to begin November 6, 2024 and conclude no later than November 25, 2024. The goal is to make all of the changes effective as of January 1, 2025.
For further questions regarding this update, please contact Liskow attorneys Leon Rittenberg III, Bob Angelico, Caroline Lafourcade, or Kevin Naccari, Jr. and visit our Tax Practice page.
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