The Revenue Estimating Conference is meeting now to attempt to project how much the state will have available to spend next fiscal year. Political analyst Bernie Pinsonat says the state is bracing for a 500-million to one-point-five billion dollar revenue shortfall…
cut 11 (12) “….the parish level”
A report from the state Department of Revenue finds that tax and fee collections for the month of April were 494-million dollars lower than the previous April. Governor John Bel Edwards’ stay at home order went into effect March 23, which closed many businesses. That’s led to a decline in income and sales tax collections. State Treasurer John Schroder expects tax collection numbers to remain low for several months…
The House Ways and Means Committee approves a resolution that would suspend severance taxes for the oil and gas industry for one year. Ways and Means Chairman Stewart Bishop says this substantial tax cut would save one of the state’s biggest industries…
New Orleans Representative Jason Hughs has received hundreds of emails in opposition from his constituents…
In a normal year, the suspension would cost the state 514 million dollars, but with the current oil price collapse, that number would likely be lower this year.