State Tax Credits May Disappear

With the state of Louisiana being so woefully broke, you knew it wouldn't be long until every dime the state gave in tax credits, exemptions, exclusions, rebates and refunds to businesses and individuals came under the microscope. And state representative J.P. Morrell of New Orleans, Chairman of the Senate Review and Fiscal Affairs Committee says his intention is to do just that. "This is the instance in which every credit gets to defend itself, of defend its life, and if it can't prove that is serves an actual purpose, then we're going to get rid of it.", Morrell said. The state loses 8 billion dollars of revenue to the some 400 credits it currently gives, and some of those credits are absurd, according to Morrell. "Two tax credits we give away for people to own private planes. We have one other credit that we give for people to stockpile gold bullion. We have an exemption we give to Mardi Gras krewes that buy certain types of beads.". he added, stating that if they simply cut one fourth of the current tax credits it would immediately solve the budget crisis.