This bill amends various sections of Louisiana's revenue and finance laws, focusing on significant changes to taxation, including the introduction of a flat tax rate for individuals, estates, and trusts, and adjustments to the standard deduction for taxpayers. It establishes a new exemption for annual retirement income for individuals aged 65 and older, increasing the exemption amount from $6,000 to $12,000, with annual adjustments based on the Consumer Price Index starting in 2026. The bill also repeals the Louisiana Tax Free Shopping Program and various sales and use tax exclusions, exemptions, credits, and rebates, while modifying the tax structure for S corporations and flow-through entities to align their tax rates with individual taxpayers.

Additionally, the bill introduces new provisions for tax deductions related to qualified property and research expenditures, effective for taxable years beginning on or after January 1, 2025. It clarifies definitions related to manufacturing and machinery, modifies the treatment of telecommunications services, and establishes new tax rates for tangible personal property sales. The legislation aims to streamline tax processes, enhance clarity, and provide equitable tax treatment for residents, while also implementing new exemptions and credits for specific sectors, including agriculture and nonprofit organizations. Overall, the bill seeks to reform Louisiana's tax system to improve revenue collection and support economic growth.

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)