This bill proposes extensive amendments to Louisiana's revenue and finance laws, particularly focusing on taxation. It introduces a flat tax rate for individuals, estates, and trusts, while also adjusting the standard deduction for taxpayers. The legislation aims to repeal the Louisiana Tax Free Shopping Program and various sales and use tax exclusions, exemptions, credits, and rebates. A significant new exemption is established for annual retirement income for individuals aged 65 and older, which will be adjusted annually based on the Consumer Price Index starting January 1, 2026. Additionally, the bill modifies the tax structure for S corporations and flow-through entities, aligning their tax rates with those applicable to individuals, and introduces a bonus depreciation deduction while repealing certain capital gains deductions and individual income tax rate reduction triggers.

Furthermore, the bill clarifies and amends existing laws regarding sales and use taxes, including definitions and exclusions related to "lease or rental" and "retail sale." It introduces new legal language specifying that "lease or rental" does not include transactions for the re-lease or re-rental of certain equipment used in oil and gas operations. The bill also outlines various exclusions from the definition of retail sales, including sales to food banks and sales of equipment used in firefighting. Additionally, it establishes new provisions for tax deductions related to qualified property and research expenditures, effective for taxable years beginning on or after January 1, 2025. Overall, the bill aims to streamline tax regulations, enhance revenue collection, and provide targeted tax relief for specific sectors and demographics.

Statutes affected:
HB10 Original: 33:4169(D)
HB10 Engrossed: 33:4169(D), 47:301(3), 47:1(A), 47:302(D), 47:303(B), 47:1(B)(5), 47:304(A), 47:305(A), 47:10(F), 47:20(A), 47:50(B), 47:72(C), 47:73(B), 47:5(B), 47:318(A), 47:321(A), 47:331(A), 47:2(C)(2), 47:4(B)(6), 47:6(B), 47:8(B), 47:13(A), 47:8(B)(1), 47:6001(A), 47:301(4), 47:1(B)(2), 47:302(F), 47:305(D)(3), 47:50(E), 47:73(A)(5), 47:306(A)(3), 47:321(E), 47:1(E), 47:331(F), 47:2(A)(2), 47:4(B)(4), 47:5(A)(1), 47:18(A)(3), 47:23(C)(1), 47:1(B), 47:340(G)(6)
HB10 Reengrossed: 33:4169(D), 47:301(3), 47:1(A), 47:302(D), 47:303(B), 47:1(B)(5), 47:304(A), 47:305(A), 47:10(F), 47:20(A), 47:50(B), 47:72(C), 47:73(B), 47:5(B), 47:318(A), 47:321(A), 47:331(A), 47:2(C)(2), 47:4(B)(6), 47:6(B), 47:8(B), 47:13(A), 47:8(B)(1), 47:6001(A), 47:301(4), 47:1(B)(2), 47:302(F), 47:305(D)(3), 47:50(E), 47:73(A)(5), 47:306(A)(3), 47:321(E), 47:1(E), 47:331(F), 47:2(A)(2), 47:4(B)(4), 47:5(A)(1), 47:18(A)(3), 47:23(C)(1), 47:1(B), 47:340(G)(6)
HB10 Enrolled: 51:1787(L), 47:32(B), 47:293(9), 47:20(A)(2), 47:21(A)(2), 47:301(4), 47:1(B)(2), 47:302(F), 47:305(D)(3), 47:50(E), 47:73(A)(5), 47:306(A)(6), 47:321(E), 47:1(F), 47:331(F), 47:2(A)(2), 47:4(B)(4), 47:5(A)(1), 47:18(A)(3), 47:23(C)(1), 47:1(B), 47:340(G)(6), 47:6006(F)
HB10 Act 11: 51:1787(L), 47:32(B), 47:293(9), 47:20(A)(2), 47:21(A)(2), 47:301(4), 47:1(B)(2), 47:302(F), 47:305(D)(3), 47:50(E), 47:73(A)(5), 47:306(A)(6), 47:321(E), 47:1(F), 47:331(F), 47:2(A)(2), 47:4(B)(4), 47:5(A)(1), 47:18(A)(3), 47:23(C)(1), 47:1(B), 47:340(G)(6), 47:6006(F)