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LA HB489

Bill

Official Source

Status

Introduced

4/4/2025

Primary Sponsor

Mandie Landry

Click for details

Origin

House of Representatives

2025 Regular Session

AI Summary

  • Replaces Louisiana's flat 3% individual income tax rate with a two-bracket system effective January 1, 2026
  • First $500,000 of net income taxed at 3% (unchanged from current rate)
  • Net income exceeding $500,000 taxed at 4.75%
  • Estimated to generate approximately $197.7 million in additional state general fund revenue
  • Amends R.S. 47:32(A) and applies to taxable periods beginning on or after January 1, 2026

Legislative Description

Establishes rates and brackets for purpose of calculating the tax levied on individual income (OR +$197,700,000 GF RV See Note)

TAX/INCOME TAX

Last Action

Read by title, under the rules, referred to the Committee on Ways and Means.

4/14/2025

Committee Referrals

Ways and Means4/4/2025

Full Bill Text

No bill text available