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Bill > HB488
LA HB488
(Constitutional Amendment) Establishes the maximum rate for purposes of calculating individual income taxes and repeals the mandatory deduction for federal income taxes paid (OR SEE FISC NOTE GF RV See Note)
summary
Introduced
04/02/2021
04/02/2021
In Committee
04/12/2021
04/12/2021
Crossed Over
Passed
Dead
06/10/2021
06/10/2021
Introduced Session
2021 Regular Session
Bill Summary
A JOINT RESOLUTION Proposing to amend Article VII, Section 4(A) of the Constitution of Louisiana, relative to income tax; to provide with respect to the rates and brackets for purposes of calculating individual income taxes; to establish the maximum individual income tax rate; to eliminate the limitation on individual income tax brackets; to provide with respect to the mandatory deductibility of federal income taxes paid for purposes of calculating state income taxes; to provide for applicability; to provide for an effective date; to provide for submission of the proposed amendment to the electors; and to provide for related matters. |.
AI Summary
This bill proposes a constitutional amendment to establish a maximum individual income tax rate of 4% on net income, eliminate the current limitation on individual income tax brackets, and remove the mandatory deduction for federal income taxes paid when calculating state income taxes. The amendment would apply to tax years beginning on or after January 1, 2023 and would be submitted to Louisiana voters for approval in the November 2022 statewide election.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read by title, under the rules, referred to the Committee on Ways and Means. (on 04/12/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.legis.la.gov/legis/BillInfo.aspx?s=21rs&b=HB488&sbi=y |
| Fiscal Note - HB488 Original | http://www.legis.la.gov/Legis/ViewDocument.aspx?d=1217320 |
| BillText | http://www.legis.la.gov/Legis/ViewDocument.aspx?d=1211584 |
| Analysis - Digest of HB488 Original | http://www.legis.la.gov/Legis/ViewDocument.aspx?d=1211605 |
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