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Gov. John Bel Edwards releases proposals to address state budget gap

Gov. John Bel Edwards relased an outline of his plan for the special session expected to be held in February to address the state's impending "fiscal cliff." Edwards says the plan is likely to be tweaked as the impact of potential change to the federal tax code moves through the process. 

The key points of Edwards' proposal icludes:

  1. Eliminating the fifth penny of sales tax
  2. Making permanent the reductions to tax credits, deductions and rebates passed in the 2015 Regular Legislative Session
  3. Compressing income tax brackets and reduce excess itemized deductions to 50-percent 
  4. Removing exemptions from the existing four cents of state sales tax
  5. Taxing business utilities at 4-percent with an industrial utility rate of 2-percent
  6. Expanding sales tax to services 

To read more, click here.

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