HB898

Louisiana HB898 reduces the individual income tax rate if nonrecurring revenues are recognized by the Revenue Estimating Conference.

HB898 enacts the "La. Income Tax Elimination Act" to reduce the individual income tax rate if nonrecurring revenues are recognized by the Revenue Estimating Conference. The reduction is calculated by the Department of Revenue to generate an estimated reduction in state individual income tax collections equal to 50% of the certified amount. If the reduction is .05% or less, no rate reduction occurs. The reduced rate must be published on the department's website and included in tax and withholding tables. The act becomes effective July 1, 2027.