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House agrees to raise another $70M for next year

4 months 19 hours 47 minutes ago June 20, 2016 Jun 20, 2016 Monday, June 20 2016 June 20, 2016 2:16 PM in News
Source: Associated Press

BATON ROUGE - Just when it looked like the House was resistant to passing any more tax changes, lawmakers there agreed to two bills tweaking property tax breaks given to businesses.

The two bills won quick passage Monday afternoon. They would raise an estimated $70 million for next year's budget. Both go back to the Senate for consideration of House changes.

They are likely the last proposals that could win final passage in the special session to help lessen budget cuts.

One proposal, approved 78-21, would place new limits on a tax credit businesses get for paying property taxes on their inventory - if those companies also get an exemption from paying local property taxes on their facilities.

The other proposal, backed 78-18, would rework the inventory tax credit to lessen its cost.

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