LOU LEG Flat Rate Corporate Taxes

On Dec. 6, LOU LEG enacted bill for flat rate corporate income tax.

  • LOU LEG enacted HB 2 on flat rate for purposes of calculating corporate income tax.
  • Proposed Amendments
  • Reduced rate of corporation income tax from a graduated system of rates and brackets to flat rate of 5.5% for taxable years after Jan. 1, 2025, and before Jan. 1, 2026.
  • Further reduced the flat rate to 3.5% for taxable years on or after Jan. 1, 2026.
  • New deduction for bonus depreciation, amortization; repeal some income tax credits.
  • Amended Provisions
  • Amend and reenact LOU LEG 47:287.12, LOU LEG 47:287.750(I), LOU LEG 47:4302(B), LOU LEG 47:6006(A), (B)(1)(introductory paragraph), (2), (4), (D), (E).
  • Also, LOU LEG 47:6020(H), and LOU LEG 51:1787(L) and LOU LEG 51:2461.
  • Also, enacted LOU LEG 47:287.71(B)(9), LOU LEG 47:287.73(C)(6), LOU LEG 47:287.744, LOU LEG 47:3204(M), LOU LEG 47:6015(M) and LOU LEG 51:2399.3(C).
  • Legislative History
  • On Nov. 1, 2024, bill introduced into House; on Nov. 13, 2024, bill passed the House.
  • On Nov. 14, 2024, bill introduced in Senate; on Nov. 22, 2024, passed amended bill.
  • On Nov. 22, 2024, House concurred with amendments, approved by the Senate.
  • On Nov. 25, 2024, sent to governor; on Dec. 4, 2024, governor approved, Act No. 5.
  • Effectiveness
  • Act becomes effective on Jan. 1, 2025.

Regulators LOU LEG
Entity Types Corp
Reference Bill HB2, Act No. 5, 12/5/2024; Citation: *LOU LEG* 47:287.12, 47:287.750, 47:4302, 47:6006, 47:6020, 51:1787, 51:2461, 47:287.71, 47:287.73, 47:3204, 47:6015, 51:2399.3;
Functions Compliance; Financial; Legal; Operations; Product Administration; Tax
Countries United States of America
Category
State
Products Corporate
Regions Am
Rule Type Final
Rule Date 12/5/2024
Effective Date 1/1/2025
Rule Id 236343
Linked to N/A
Reg. Last Update 12/5/2024
Report Section US Consumer

Last substantive update on 12/11/2024