TAX/INCOME TAX: Establishes a calculation to be used for reducing the rate of the state tax levied on individuals (OR DECREASE GF RV See Note)

This bill establishes a formula for reducing Louisiana's individual income tax rate when money is deposited into the state's Income Tax Elimination Fund. It directly affects individual taxpayers by potentially lowering their tax rates based on the amount of funds transferred to the fund relative to total tax revenue collected. The mechanism requires the Department of Revenue to calculate a new tax rate by dividing fund deposits by tax revenue, multiplying by the current rate, and subtracting the result from the existing rate, with a minimum threshold of 0.05% reduction required for any change to take effect. The bill only becomes operative if a constitutional amendment related to this tax reduction is approved by voters in a statewide election.