Post by Logan on Apr 29, 2017 6:39:25 GMT -6
BATON ROUGE — A bill that would raise as much as $200 million in taxes while cutting the corporate income tax rate by 65 percent or more is gaining traction in the Capitol, including potential nods from the powerful ultra-conservative Americans for Prosperity and nonpartisan Tax Foundation.
House Bill 648 by Rep. Kenny Havard, R-Jackson, would create a flat corporate income tax of between 1 and 2 percent and eliminate all credits, exemptions and the franchise tax.
That would reduce the current highest corporate income tax rate of 8 percent, but actually generate more tax revenue because of the elimination of tax breaks.
"It's true tax reform that offers stability and predictability, which is good for both the state and for businesses," said Havard, who said he was still working on amendments to the bill to address concerns.
Read more: www.shreveporttimes.com/story/news/2017/04/27/corporate-flat-tax-bill-gaining-traction-capitol/100970038/
House Bill 648 by Rep. Kenny Havard, R-Jackson, would create a flat corporate income tax of between 1 and 2 percent and eliminate all credits, exemptions and the franchise tax.
That would reduce the current highest corporate income tax rate of 8 percent, but actually generate more tax revenue because of the elimination of tax breaks.
"It's true tax reform that offers stability and predictability, which is good for both the state and for businesses," said Havard, who said he was still working on amendments to the bill to address concerns.
Read more: www.shreveporttimes.com/story/news/2017/04/27/corporate-flat-tax-bill-gaining-traction-capitol/100970038/