House Bill No. 667 proposes to amend Louisiana's individual income tax structure by reducing the tax rate from 3% to 2.75% for taxable periods beginning on or after January 1, 2027. Additionally, the bill introduces a new income tax deduction for Louisiana residents aged 65 and older, allowing them to deduct an amount equal to the standard deduction for single filers, which is currently set at $12,500. This deduction aims to provide financial relief to senior taxpayers and is contingent upon maintaining proper documentation to verify eligibility.

The bill also includes provisions for the Department of Revenue to establish rules and regulations to implement these changes effectively. The effective date of the proposed law is contingent upon the adoption of a related constitutional amendment at a statewide election, ensuring that the new tax structure will only take effect if approved by voters. Overall, this legislation seeks to lower the tax burden on individuals while providing additional support for senior citizens in Louisiana.

Statutes affected:
HB667 Engrossed: 47:32(A)
HB667 Reengrossed: 47:32(A)