Louisiana Governor Jeff Landry celebrated the signing of a sweeping tax reform package that includes reducing the individual income tax rate to 3%, lowering corporate taxes, and raising the state sales tax to 5% for five years.
“We signed those bills into law. Now the future of the state is now in the hands of the voters come March when they vote on a constitutional amendment that would rewrite Article 7.”
The measures provide $1.3 billion in tax cuts, increase standard deductions, and eliminate the corporate franchise tax. Landry emphasized the reforms’ potential to stanch outward migration and attract businesses by enhancing competitiveness.
“We started the year with a theme to come back home, and we wanted people to know that Louisiana is open for business and a new place.”
This tax reform follows a special legislative session marked by bipartisan support in the Senate but divided opinions in the House over the fairness and long-term impact of the measures. Landry says it was a very engaging process.