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LA HB667
Bill
Status
5/8/2025
Primary Sponsor
Julie Emerson
Click for details
AI Summary
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Reduces Louisiana's individual income tax rate from 3% to 2.75% for taxable periods beginning on or after January 1, 2027
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Creates a new income tax deduction for Louisiana residents age 65 and older equal to the single filer standard deduction amount ($12,500, adjusted annually for inflation)
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The senior deduction is in addition to any standard deduction the taxpayer already receives based on filing status
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Effectiveness contingent on voters adopting a proposed constitutional amendment (HB 678) at a statewide election
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Estimated fiscal impact of $377.9 million reduction in General Fund revenue
Legislative Description
Reduces the rate of the individual income tax and authorizes an income tax deduction for taxpayers sixty-five years of age and older (RE -$377,900,000 GF RV See Note)
TAX/INCOME TAX
Last Action
Read second time by title and referred to the Committee on Revenue and Fiscal Affairs.
5/12/2025