You hear a lot things about Louisiana’s state budget problems that leave you scratching your head, saying how could that be?
Well, here’s one. According to a published report on NOLA.com, since November, the state has given out $229 million more in tax credits and other incentives than it has received from corporations in corporate income tax.
The article goes on to say that economists expect that trend to continue and that the state of Louisiana will end the year in the red on corporate tax collections. In other words, we’d be ahead of the game revenue-wise if we had no corporate income tax and no corporate giveaways.
One of the corporate giveaways that still sticks in the craw of lot of people is the film tax credit. It’s one of the most generous in the nation and large businesses often buy film tax credits to help them pay tax bills even though their business had nothing to do with making the movie.
We hope our lawmakers are working in earnest to get rid of this nonsense.
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