NFIB State Director Leah Long went on “WWL First News with Tommy Tucker” today to talk about the upcoming special session and what it could mean for Louisiana’s small businesses. The session starts on Nov. 6.
One issue is changes in state law concerning the inventory tax, a tax imposed on unsold inventory, Long said. The plan would give local governments the option of removing their inventory tax. In turn, they would receive a lump-sum payment or phased payments from the state. New local sales tax revenue is expected to cover any lost revenue, she said.
Small business owners, though, are more focused on a proposal to reduce personal income tax rates, she said. Most small businesses in the state are organized as pass-through entities, meaning any profits pass through the business to the owner, who pays taxes at the individual rate.
Click here to listen to a replay of Long’s radio appearance.
