BATON ROUGE - Lawmakers in the state house have approved a one-cent tax increase to help fill budget holes in two budgets: the current budget and next year's spending plan.
The tax proposal was passed 76-27, WBRZ political correspondent Mark Armstrong first reported on Twitter Thursday afternoon. The senate will likely approve the measures next.
The one-cent proposal expires in 18-months.
If 1-cent sales tax bill stays as is... should bring in $200million this year. Will cost you avg. $12 month— Mark Armstrong (@TV_MarkA) February 25, 2016
The decision came after a lunch break. Thursday afternoon, lawmakers are deciding on taxes and government cuts.
Through some patchwork budget maneuvers, lawmakers appear to be able to fill all but $200 million of what is needed to close the gap for the current fiscal year. There will be more discussion Friday.
So, a projected $200M from 1¢ sales tax increase + $200M raided from BP settlement + $128M from rainy day fund.. (1) https://t.co/ShXTKReRKS— Michael Shingleton (@ShingletonWBRZ) February 25, 2016
(cont) + $101M in cuts + potentially $46M generated from cigarette tax + $27M in alcohol tax. I've got $703M? ≠ $900M+ @TV_MarkA ?— Michael Shingleton (@ShingletonWBRZ) February 25, 2016
Follow Armstrong on Twitter for quick updates. He tweets using @TV_MarkA.
Follow the publisher of this story on Twitter: @treyschmaltz