Tax Reform Bottom Line: ‘Louisiana just became a much more attractive state to do business’

BATON ROUGE, La. – A statement from Louisiana Economic Development Secretary Susan B. Bourgeois on the tax reform measures adopted during the concluded special legislative session:

“Today’s actions by the Legislature represent a monumental step forward in LED’s continuing efforts to position Louisiana to compete and win. By approving substantive reductions in corporate and personal income tax rates, eliminating the franchise tax and sunsetting the inventory tax credit, we will move from the bottom 10 to the top half of the Tax Foundation’s annual State Business Tax Climate Index virtually overnight. Simply put, Louisiana just became a much more attractive place to do business.

“And we’re not done yet. The success of the special session sets the stage for consideration of a long-overdue overhaul of the state’s approach to business incentives. Guided by a new strategic plan for economic development, LED will work closely with our partners in the legislature and around the state to create a new, more streamlined set of economic development tools that will improve our competitive position even further.

“A sincere thanks, and congratulations, to Governor Landry, Secretary Nelson and the entire legislature for their unwavering commitment to make the Louisiana opportunity a reality.”