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LA HB402
Bill
Status
5/19/2025
Primary Sponsor
Alonzo Knox
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AI Summary
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Louisiana residents who are veterans with a service-connected disability rating of 50% or more from the U.S. Department of Veterans Affairs receive a new income tax deduction equal to the single filer standard deduction ($12,500)
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The deduction is in addition to the standard deduction already available to all taxpayers, effectively providing qualifying veterans with a double deduction
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Taxpayers claiming the deduction must maintain records verifying eligibility and provide documentation to the Department of Revenue upon request
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Estimated fiscal impact is a reduction of $11.3 million in state General Fund revenue
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Effective January 1, 2026, applicable to all taxable periods beginning on or after that date
Legislative Description
Authorizes an income tax deduction for veterans with certain disabilities (EG -$11,300,000 GF RV See Note)
TAX/INCOME TAX
Last Action
Reported favorably. Rules suspended. Read by title and recommitted to the Committee on Finance.
6/8/2025