TAX/INCOME TAX: Establishes rates and brackets for purpose of calculating the tax levied on individual income (OR +$197,700,000 GF RV See Note)

HB 489 adjusts Louisiana's individual income tax rates, setting a 3% tax on the first $500,000 of taxable income and 4.75% on amounts above $500,000. This bill directly affects Louisiana residents who file state income tax returns, particularly those with taxable income exceeding $500,000 annually. The new rates will apply to tax years beginning on or after January 1, 2026. The bill is currently pending in the legislature's Committee on Ways and Means.