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LA HB642
Bill
Status
4/22/2025
Primary Sponsor
Roger Wilder
Click for details
AI Summary
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Repeals Louisiana's state earned income tax credit (EITC) in its entirety by eliminating R.S. 47:297.8, effective January 1, 2026
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Current law provides a refundable state credit equal to 5% of the federal EITC through December 31, 2030, dropping to 3.5% beginning January 1, 2031
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The existing credit is fully refundable, meaning taxpayers receive the excess as a cash refund if the credit exceeds their tax liability
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Repeal would increase state General Fund revenue by approximately $64.6 million annually by eliminating refunds to low-income working taxpayers
Legislative Description
Repeals the earned income tax credit (OR +$64,600,000 GF RV See Note)
TAX CREDITS
Last Action
Read by title, under the rules, referred to the Committee on Ways and Means.
4/23/2025