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Lawmakers talk tax bills in legislative session
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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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