Lawmakers to Tackle More than Budget in Upcoming Special Session
Lawmakers will consider a number of non-budgetary items in the June special session designed to provide financial relief for people and businesses suffering from the shutdown.
Senate GOP Caucus Chairwoman Sharon Hewitt of Slidell says one big topic of conversation will be the potential elimination or suspension of the state’s corporate franchise tax.
“That is something that is unique in Louisiana, we are among the few states that have it and all of the good policy groups have been encouraging us to get rid of it for some time,” says Hewitt.
The franchise tax is levied against a business’s total net worth and would cost the state an estimated 10 million dollars in lost revenue.
Hewitt says for individuals they’re working on codifying the Governor’s order delaying the deadline for filing income taxes into the summer.
Lawmakers are barred from considering tax issues in the regular session by law due to it being an even-numbered year, and 41 total items, including the budget are set to be discussed, many of them impacting state revenue. Hewitt says it will be a balancing act to make sure the numbers line up.
“If you are reducing potential revenues then you are also going to need to reduce expenses so that we can end the year with a balanced budget,” says Hewitt.
Hewitt adds, while not currently on the agenda, a special session would allow for the attempted override of any gubernatorial vetoes.
(Story written by Matt Doyle/Louisiana Radio Network)