Louisiana’s corporate franchise tax – which business lobbyists have been trying to kill for years – would be phased out under a bill given final legislative approval last week, reports NOLA.com.
The biggest beneficiaries will be petrochemical companies headquartered outside of Louisiana because of the amount of equipment and assets that are subject to the tax.
The franchise tax would be reduced by 25% per year and would disappear after four years under the legislation, which now goes to Gov. John Bel Edwards for his signature or veto. Read the entire story.