TAX/INCOME TAX: Provides for a flat rate for purposes of calculating income tax for individuals, estates, and trusts, increases the standard deduction, and modifies or repeals certain income tax deductions and credits (Item #5 and 6) (RE1 DECREASE GF RV See Note)

This bill proposes changing how individual income tax is calculated in Louisiana by switching to a flat tax rate and increasing the standard deduction for taxpayers. It also modifies or eliminates several existing tax deductions and credits, including those for research and development, historic structure rehabilitation, and motion picture production. Additionally, the legislation creates a new tax credit system for local inventory taxes paid by businesses, allowing them to offset state tax liabilities based on the amount of ad valorem taxes they pay to local governments. The bill specifically adjusts tax rates for single and married-filing-separately individuals while removing the automatic trigger that previously reduced tax rates when revenue targets were met.