Although proposed by the current Secretary of Revenue, Richard Nelson, and supported by the Governor, any significant tax reform in Louisiana will likely be delayed until 2025.
As noted in the article below, the Louisiana legislature messaged its concerns about significant tax reform without time for an opportunity for the serious vetting of all proposals and their fiscal impact.
As you can see in our blog post, Louisiana faces a "fiscal cliff" on June 30, 2025, when a portion of the state sales tax sunsets. The legislature plans to hold hearings to consider the fiscal impacts of the proposals made by Secretary Nelson, as outlined here.
All Louisiana taxpayers should stay abreast of the discussions and proposals, as there will winners and losers.
Landry and Nelson are currently gauging lawmakers' interest in a special session or constitutional convention, but time is running out. Any tax reform proposal would have to be completed by the end of August to meet certain deadlines for placing the question on the November ballot, said Jay Adams, a tax partner in the New Orleans office of Jones Walker LLP. "I think there's still some head counting going on to see if there's an appetite for a constitutional convention and what it would look like," he said.
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