[StBernard] Update From State Representative Nita Rusich Hutter

[Westley Annis]

Update From State Representative Nita Rusich Hutter

November 10 , 2005 


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Aiming to jump start Louisiana's damaged economy, Governor Kathleen
Babineaux Blanco urged members of the Legislature's House Ways and Means
Committee to support an array of tax cuts for businesses and individuals.

Addressing members of the committee on Tuesday, Governor Blanco reminded
them that hurricanes Katrina and Rita have damaged or closed more than
80,000 businesses, scattered hundreds of thousands of residents across the
nation, and left a $1 billion hole in the state's budget.  

"Despite that, I know it's important to forgo even more revenue, in the
short term, to get our businesses back on their feet, in the long term,"
Governor Blanco told the committee. "This package of tax cuts is aimed at
doing that." 

Governor Blanco urged the committee to support her tax relief package that
includes: 

A one-day sales tax holiday to help businesses and consumers. (HB 42)
Economic estimated value for consumers is $3 million 
Revamping the Louisiana tax structure to avoid state taxes to recipients of
federal disaster tax credits. (HB 24) 
Eliminating the sales tax on manufacturing machinery and equipment for
impacted businesses. (HB 39) Economic value for impacted businesses is
estimated at $4 million 
Eliminating the corporate franchise tax on business debt for hard-hit
businesses in the affected parishes. (HB 41)  Department of Revenue
estimates economic impact at $12.9 million 
Cutting industry taxes on electricity and natural gas. (HB 40) Economic
relief to businesses is valued at $21 million.   
House Bills 24, 39, 40 and 41 were passed out of Committee and will be sent
to the house floor.  House Bill 42 was deferred.