71°
Baton Rouge, Louisiana
3 Day Outlook
Thu
86°
67°
20%
Fri
87°
57°
20%
Sat
76°
51°
20%

Latest Weather Blog

Follow our weather team on social media

Audit looks at Louisiana's tax breaks

3 years ago Monday, March 05, 2012 9:19:58 AM CST March 05, 2012 Monday, March 05 2012 Mar 5, 2012 in News
Source: Associated Press

BATON ROUGE- Tax breaks to businesses and individuals in Louisiana cut state tax liabilities by $4.8 billion over six years, more heavily benefiting companies over people in the state.

Those are the findings of a new audit, released Monday, by Louisiana Legislative Auditor Daryl Purpera's office.

Louisiana has 464 tax credits and exemptions on the books.

From 2005 to 2010, corporate income and franchise taxes were cut $3 billion out of a total tax liability of $5.4 billion, about a 55 percent reduction.

Meanwhile, the audit says individuals had income tax breaks of $1.8 billion during the same time period, out of a total tax liability of $16.5 billion, an 11 percent cut.

Purpera's office says state law doesn't require agencies that oversee the tax breaks to track the return on investment.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
5 Days
Radar
Today
71°
66°
Thu
Partly Cloudy
86°
67°
Fri
Partly Cloudy
87°
57°
Sat
AM Clouds / PM Sun
76°
51°
Sun
PM Showers
78°
65°