Bill > HB667

This bill modifies Louisiana's individual income tax system by reducing the state income tax rate and creating a new tax deduction for residents aged 65 and older. Specifically, the bill changes the state income tax rate from 3% to 2.75% for taxable periods beginning on or after January 1, 2027. Additionally, it introduces a new tax deduction for Louisiana residents who are 65 years or older, allowing them to deduct an amount equal to the standard deduction for single individuals from their tax table income. Taxpayers claiming this deduction will be required to maintain and potentially provide documentation to verify their eligibility upon request by the Department of Revenue. The bill also authorizes the Department of Revenue to create rules and regulations for implementing this new deduction. Importantly, these changes are contingent on the passage of a related constitutional amendment (House Bill No. 678) and will only take effect if that amendment is adopted in a statewide election. The goal appears to be providing tax relief for older residents and slightly lowering the overall state income tax rate.

Budget and Finance

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=HB667&sbi=y