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Tax credit usage helped cause last year's expected deficit

1 year 1 month 2 days ago September 25, 2015 Sep 25, 2015 Friday, September 25 2015 September 25, 2015 5:50 PM in News
Source: Associated Press

BATON ROUGE - Louisiana's expected deficit for last year is driven at least partially by people and businesses cashing in on more tax refunds and credits than anticipated.

Commissioner of Administration Kristy Nichols, the governor's chief budget adviser, said Friday it's likely the state closed the books on the last budget year in the red. But she said the numbers aren't complete.

Nichols said tax credit and refund filings are higher than expected, particularly in the film tax credit program.

That could be caused by a new cap lawmakers enacted on the film tax credits, limiting how much the state will pay in credits each year. Nichols said it's likely people filed for credits earlier than usual to ensure they could use them.

The deficit figure will be presented to lawmakers in mid-October.

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