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Solons comment on income tax cuts
A bill to cut some $300 million in state income taxes sailed through the Legislature last week with no opposition.
Lawmakers in the House and Senate unanimously passed Senate Bill 87. State Sen. Buddy Shaw sponsored the measure. The Shaw bill will roll back state income tax rates for some taxpayers to levels the state levied prior to passage of the so-called "Stelly Plan" in 2002.
State Rep. Frank Hoffman called approval of the tax cut "huge."
"Obviously, it's the most significant thing we've done in this session," said Hoffman, R-West Monroe. "It was an opportunity to return tax money to voters, and I'm extremely proud we were able to get that done."
The tax cut will mean that the average Louisiana taxpayer will see a tax savings estimated to be between $500 and $1,000 beginning in 2010, when the new rates take effect.
State Sen. Francis Thompson said the tax cuts will benefit people throughout the state.
"It's important, too, if we want growth from outside of the state," said Thompson, D-Delhi.
Thompson said the tax cut would make Louisiana more attractive to potential employers and to people who may be considering relocating to Louisiana.
"What they're looking for is a state that has less state income tax," Thompson said. "So this will put is in a very competitive position to attract industry and new citizens to Louisiana." |
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