Posted: Mar 5, 2012 11:19 AM
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.