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Lawmakers talk tax bills in second week of legislative session

5 months 1 week 2 days ago Monday, April 17 2017 Apr 17, 2017 April 17, 2017 9:29 AM April 17, 2017 in News
Source: WBRZ
BATON ROUGE - A busy Monday starts the second week of the legislative session. Nearly a dozen proposed bills are up for discussion in the Senate Committee on Revenue and Fiscal Affairs.
Two of them deal with the flooding events last year, and tax breaks.
Under current state law, tax deductions are only provided for individuals or corporations who received benefits from a hurricane recovery entity.
The proposed bill broadens the deduction to include disaster benefits received from any state or federal agency, or recovery authority.
It doesn't stop there though. If passed, the law would provide a transition rule to allow taxpayers who received recovery benefits to amend their 2016 tax returns.

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