BATON ROUGE — Lawmakers in the Senate have agreed to a series of tax increases and reductions to tax breaks, to help bring more money into the state treasury. Here is a list of the bills included in the package, passed Friday and Saturday, and what they would do:
—Temporarily suspend a 1-cent sales tax exemption on business utilities. House Concurrent Resolution 8 by Rep. Jack Montoucet, D-Crowley.
—Increase Louisiana’s cigarette tax by 72 cents per pack, raising it to the $1.08 average rate charged in the South. Also raises taxes on e-cigarettes, smokeless tobacco, cigars and other tobacco products. House Bill 119 by Rep. Harold Ritchie, D-Bogalusa.
—Reworks a tax loophole that lets businesses deduct from their Louisiana net income operating losses they had from other years, to eliminate the ability to carry back those losses for three years but give businesses an extra five years to carry losses forward. House Bill 218 by Rep. Chris Broadwater, R-Hammond.
—Limit the tax credit Louisiana residents can take for income taxes paid to another state. House Bill 402 by Rep. Julie Stokes, R-Kenner.
—Makes retailers and restaurants ineligible for tax credits through the state’s Enterprise Zone program. House Bill 466 by Rep. Taylor Barras, R-New Iberia.
—Modify a severance tax exemption for oil and gas produced from horizontally-drilled wells, adding new limits on the tax break as the price of oil and natural gas increases. House Bill 549 by Rep. Major Thibaut, D-New Roads.
—Provide a method for collecting state sales tax from online retailers. House Bill 555 by Rep. Jim Fannin, R-Jonesboro.
—Cut certain exclusions and deductions allowed from the calculation of a business’ gross income by 20 percent. House Bill 624 by Rep. Katrina Jackson, D-Monroe.
—Cut certain income and franchise tax credits and tax incentive programs by 28 percent. House Bill 629 by Rep. Katrina Jackson, D-Monroe.
—Cut certain business tax rebate programs by 20 percent. House Bill 635 by Rep. Katrina Jackson, D-Monroe.
—Reduce the amount of refundable tax credit businesses can receive for paying local property taxes on inventory by 25 percent. Some small businesses are excluded. House Bill 805 by Rep. Bryan Adams, R-Gretna.
—Cap the tax credits Louisiana gives to film and TV productions at $180 million a year. House Bill 829 by Rep. Joel Robideaux, R-Lafayette.
