In the midst of the tax orgies that Legislature has engaged in this session, we have some good news on that front. The Louisiana House passed a bill to repeal the corporate franchise tax, that only 18 states impose.
HB 828 by State Rep. Cameron Henry (R-Jefferson) would phase out the corporate franchise tax over a five year period. Taxpayers would save $36,500,000 next year. It passed 67-34 with all but two Republicans voting for it. Most Democrats voted against the repeal.
The two RINOs who voted against the repeal of this uncompetitive, anti-business tax are:
If you can’t vote to repeal uncompetitive taxes, why on Earth are you a Republican? If you claim to be a Republican, this is one of those votes that should be a no-brainer. Those of you live in Chaney’s and Howard’s districts should remember that in the fall.
Democrats generally opposed it because they questioned the wisdom of getting rid of taxes without an offset. However, I would argue that the $650 million in tax hikes that they have already agreed to this session more than offset this pittance that was offered in this cut for 2015-16.
The bill heads to the Senate, which is expected to pass it easily.
Even in this overall depressing session, this is one of the few victories for conservatives. This was a bold step in the tax reform Louisiana needs in order to become more competitive and business-friendly.