La. Voters Refuse To Get Rid Of Corporate Tax Deduction

By Vidya Kauri (November 9, 2016, 12:52 AM EST) -- Louisiana's corporate tax rate — the highest among neighboring states in the South — will remain in place after voters rejected a state constitutional amendment Tuesday that would have repealed a tax deduction for businesses in exchange for a lower rate.

The ballot measure, to scrap the corporate tax deduction for federal income taxes paid, was rejected by 56.1 percent of Louisiana voters Tuesday. Had the measure passed, a companion bill already approved by the Louisiana Legislature in the last session would have kicked into effect to eliminate the state's graduated corporate income tax bracket, ranging from 4 to 8 percent,...

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