Baton Rouge, Louisiana
7 Day Forecast
Follow our weather team on social media

Revenue chief: Loopholes allow many companies to skip taxes

4 years 11 months 4 weeks ago Wednesday, April 08 2015 Apr 8, 2015 April 08, 2015 11:05 AM April 08, 2015 in News
Source: Associated Press
By: Melinda Deslatte

BATON ROUGE - Revenue Secretary Tim Barfield says data analysis by his department shows many of the largest companies doing business in Louisiana don't pay income taxes to the state.

Lawmakers have questioned why Louisiana's corporate tax collections have remained largely stagnant despite the national economic recovery and a list of announced business projects.

That prompted a research project for Barfield.

In a review of a slice of the state's largest companies, Barfield said his agency found only about one-fourth were paying corporate income taxes to Louisiana.

The secretary says companies are aggressively using loopholes and tax breaks to avoid owing anything to Louisiana.

The revenue department opened more than 100 audits based on its findings, and Barfield's talking to lawmakers about possibly closing some of the loopholes in the upcoming legislative session.

More News

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
7 Days