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Louisiana
Special
Legislative
Session What to Expect
Revenue Source Aug FY16
Forecast
Nov FY16
Forecast
Increase/
(Decrease)
Corporate Income & Franchise Tax
$789.5 M $588.1 M ($201.4 M)
Individual Income Tax
$3,012.9 M $3,054.8 M $41.9 M
Sales & Use Tax
Severance Tax
Other LDR Tax Collections
DNR Royalties, Rentals, etc.
All other Revenues (Gaming, DPS, etc.)
Total Taxes,
Licenses & Fees
Dedications
Net General Fund
•
•
•
•
•
Source: Revenue Estimating Conference 2015
Source: Tax Exemption Budget 2014-15
Exemption (Tax Type) Authority FY 13-14
Value
Federal income tax deduction (PIT, CIT) LA
Constitution
$1.012 B
Subchapter S corporation (CIT) Statutory $524 M
Inventory Tax/Ad Valorem Tax Credit (PIT, CIT) Statutory $452 M
Sales of Electric Power or Energy-Nonresidential (Sales) Statutory $403 M
Sales of Food for Preparation and Consumption in the Home
(Sales)
LA
Constitution
$392 M
Sales of Gasoline, Gasohol, and Diesel (Sales) LA
Constitution
$365 M
Net Louisiana Operating Loss (CIT) Statutory $358 M
Excess Federal Itemized Deductions (PIT) Statutory $345 M
Drugs Prescribed by Physicians or Dentists (Sales) LA
Constitution
$283 M
Motion Picture Investor & Infrastructure Credit (PIT, CIT) Statutory $250 M
Bill
No.
Author Description FY 16
Fiscal Notes
Final
House Vote
HCR8 Montoucet Suspends exemptions on business utilities for
1% of state sales and use tax from July 1, 2015
to 60 days after final adjournment of the 2016
regular legislative session.
$107.2 M Yeas-65
Nays-38
HB62
4
Jackson Reduces certain corporate income tax
exclusions and deductions by 28% from July 1,
2015 to June 30, 2018 (does not affect the S-
Corporations exclusion).
$122 M Yeas-64
Nays-36
HB21
8
Broadwater Eliminates the three-year carry-back option for
net operating loss deductions for corporate
income tax and increases the carry-over period
from 15 years to 20 years.
$29 M Yeas-94
Nays-10
HB62
9
Jackson Reduces certain income and corporate
franchise tax credits and incentives by 28%
from July 1, 2015 to June 30, 2018 (does not
reduce inventory tax credit).
$31.5 M Yeas-66
Nays-35
HB40
2
Stokes Limits availability of tax credit for taxes paid in
other states from July 1, 2015 to June 30, 2018.
$34 M Yeas-96
Nays-7
Bill
No.
Author Description FY16
Fiscal
Notes
Final
House
Vote
HB
805
Adams Provides for carry forward rather than refunds of 25% of tax
credits for inventory and natural gas storage paid as
ad valorem taxes to local governments (does not apply to
companies with credits of $1,000 annually or less). Removes
refundability of various R&D tax credits.
$129 M Yeas-58
Nays-39
HB635 Jackson Reduces certain tax rebates by 20% from July 1, 2015 to
June 30, 2018; permanently excludes retail and food service
from the Enterprise Zone program, superseding the
provisions of HB466 by Rep. Barras.
$5 M Yeas-65
Nays-38
HB549 Thibaut Limits amount of severance tax exemption for oil and gas
produced by horizontally drilled wells.
$0 Yeas-76
Nays-24
HB829 Robideaux Caps certified motion picture investor tax credits from
July 1, 2015 to June 30, 2018.
$77 M Yeas-101
Nays-2
HB779 Ponti Reduces the maximum value of the solar energy systems
tax credit and provides for changes regarding eligibility and
requirements to claim the credit.
$19 M Yeas-90
Nays-11
HB119 Ritchie Increases the tax on cigarettes. $106.4 M Yeas-77
Nays-27
TOTAL $660.1 M
–
–
Sen. John Alario
Rep. Taylor Barras