House Bill No. by Representative Beaullieu proposes the enactment of R.S. 47:32.1, which establishes a mechanism for reducing the individual income tax rate in Louisiana under specific conditions. The bill stipulates that if funds are deposited into the Louisiana Income Tax Elimination Fund (LITE Fund) before June 30 of any fiscal year, the Secretary of the Department of Revenue must calculate a new income tax rate by dividing the total amount deposited by the personal income tax revenue collected in the same fiscal year. This calculation will determine the reduction in the tax rate for the following tax year. However, if the calculated reduction is 0.05% or less, no reduction will take place.

Additionally, the bill mandates that the Secretary of the Department of Revenue publish the new tax rate on the department's website and include it in the tax and withholding tables as required by existing law. The provisions of this bill will take effect only if a proposed amendment to Article VII of the Louisiana Constitution is adopted in a statewide election. Overall, the bill aims to provide a structured approach to potentially lower the individual income tax rate based on the performance of the LITE Fund.