Business groups are applauding the tax reform package approved by the legislature in the just-ended special session. Andrew Greenstein reports.
Cut 1 (32) “…I’m Andrew Greenstein.”
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Two bills have been approved by the Louisiana Legislature to make temporary pay raises for public K-12 teachers and support staff permanent, pending voter approval of a constitutional amendment in March.
Cut 2 (32) “…I’m Sean Richardson.”
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Business groups are hailing the tax reform package passed by the legislature in the just-concluded special session. Will Green, the president and CEO of the Louisiana Association of Business and Industry, says the new tax structure will entice more companies into doing business here in Louisiana.
Cut 3 (13) “…income tax rate.”
Green says now, thanks to the reform, Louisiana’s corporate income tax rate is lower than those in neighboring states.
Cut 4 (11) “…and for talent.”
And Green says Louisiana’s lower income tax rate will make it a more attractive state for people to move to.
Cut 5 (08) “…jobs and talent.”
As of January 1st, the income tax rate will be a flat three-percent with a 12-thousand-500-dollar standard deduction.
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The Louisiana Legislature approved two bills to make temporary pay raises for K-12 teachers and support staff permanent, pending voter approval of a constitutional amendment in March. The legislation allocates funds from protected education trusts to reduce nearly $2 billion in teacher retirement system debt. Prairieville Representative Tony Bacala (back-a-la)says this shift would free up approximately $287 million annually for local school districts, enabling a $2,000 raise for teachers and $1,000 for support staff.
Cut 6 (12) “…give pay raises.”
Bacala says both amendments allow surplus savings to fund early childhood education and address staff shortages.
Cut 7 (09) “…bigger raise.”
Bacala’s bill, which unanimously passed the House and the Senate requires school districts to use the savings created by the retirement debt payment in Emerson’s Bill to fund the permanent raise.
Cut 8 (12) “…on the local side.”
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Starting January 1st, Louisiana residents will pay lower income taxes. It’s the result of the legislation approved by lawmakers in the tax reform special session. Governor Jeff Landry says the state’s three-tiered income tax system will be replaced by a flat three-percent tax and the standard deduction will be increased to $12.500 in 2026
Cut 9 (11) “…working poor.”
To pay for the lower income taxes, legislators raised the state sales tax rate to five-percent, beginning on January 1st. But Landry says in the end, Louisiana residents will pay less taxes…
Cut 10 (15) “…against you.”
Landry says another goal of the special session was to make the state more competitive, so it can attract more jobs and higher wages. The governor says that was accomplished with the Legislature’s decision to by eliminating the corporate franchise tax on businesses. He believes this special session fufills a campaign promise of growing Louisiana’s economy…
Cut 11 (14) “…Louisiana home.”
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Head coach Gary Goff didn’t win enough football games at McNeese and after three seasons he was fired today. The Cowboys went six and six this season after failing to win a game on the field last year. Jim Gazzolo covers McNeese for the American Press and says there were many who thought Goff won enough games this season to keep his job…
Cut 12 (11) “…little surprised.”
Gazzolo says two former McNeese players, Slade Nagle, who is an assistant coach at LSU and Kerry Josephy, who is the quarterbacks coach for the Chicago Bears are two possible replacements…
Cut 13 (08) “…rally around.”
Goff was 10-and-23 and had one year left on his contract. He arrived in Lake Charles in 2022 after leading Valdosta State to the Division Two national championship game in 2021. Gazzolo says despite inheriting a program that was not in good shape, he didn’t win enough games fast enough
Cut 14 (12) “…up to that.”