[StBernard] Three candidates release tax returns

[Westley Annis]

Three candidates release tax returns
 Georges' campaign says 1040 being finalized for extension deadline

By MICHELLE MILLHOLLON
Advocate Capitol News Bureau
Published: Oct 12, 2007 - Page: 1A 

State Sen. Walter Boasso made roughly $500,000 in 2006, a quarter of what he
took home the prior year, before Hurricane Katrina.

Two of his opponents in the Oct. 20 governor's race - U.S. Rep. Bobby Jindal
and Public Service Commissioner Foster Campbell - made about half of what
Boasso did according to their 2006 federal income tax returns.

Jindal, R-Kenner, readily made his return available, as he did when he ran
against Gov. Kathleen Blanco four years ago. Boasso, D-Arabi, and Campbell,
a Bossier Parish Democrat, followed his lead, releasing their returns
Thursday at the request of The Advocate.

A fourth well-financed  candidate, New Orleans businessman John Georges,
announced during a candidate forum Tuesday night that his return was
publicly available.

"I released my own tax return," Georges said on television.

However, his communications consultant, John Hill, said Thursday that
Georges' accountant still is finalizing the tax return to comply with next
week's extension deadline. Hill said Georges mistakenly thought the return
was ready.

Once Georges signs the return, he will release it, Hill said. Georges has no
political party affiliation.

Jindal and his wife, Supriya, reported $275,376 in gross income from
salaries, interest, dividends and capital gains. Supriya Jindal worked as a
chemical engineer before recently becoming a stay-at-home mom. As a
congressman, Jindal makes about $165,000 a year.

The Jindals claimed a $367 child care credit. They have three young
children: Selia, Shaan and Slade. They ended up paying $38,356 in taxes,
owing the federal government an additional $13,611 on top of that.

Boasso, who sold his St. Bernard Parish tank container company earlier this
year for $60 million, reported $1.9 million in taxable income in 2005. The
following year, after Hurricane Katrina devastated his parish, his adjusted
gross income dropped to $515,029.

His wife, Cindy, is a housewife. Their income included $353,966 in wages as
well as nearly $130,000 from real estate holdings.

Boasso made $321,068 as executive of Boasso America and $32,898 as a state
senator.

In 2006, Boasso did not take a bonus from his company, Boasso America, whose
operations were affected by the storm, said his press secretary, Brian
Welsh.

Boasso's total tax liability was $148,103. He reported a $3,280 loss on
rental real estate.

Campbell made $228,771 in 2006 after losing $66,452 operating his Elm Grove
farm. In addition to serving as public service commissioner, he owns a
Bossier Parish insurance company, rental property and a 675-acre farm.

He owed $49,442 in taxes, paid $20,000 in taxes when he filed for an
extension and later calculated that he owed another $9,755.

Campbell bought $9,526 in motion picture tax credits, which the state offers
as an incentive to attract film companies to Louisiana. The companies often
turn around and sell the credits.

Campbell's accountant, Ron Roberts of the Shreveport firm of Roberts, Cherry
& Company, said one of his companies bought the credits and sold them to
Campbell.

"We buy them and resell them to our clients," he said.

Campbell paid 86 cents per $1 of credits, Roberts said.
 

  
 
  
 

  
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