Corporate state tax collections continue to run in the red, according to the latest figures from the Department of Revenue.Are they likely to fix it any time soon?
Louisiana had paid out $218 million more to corporations in tax rebates than it had collected in corporate income and franchise taxes through February, up from minus $210 million thru January, the agency told The Advocate on Tuesday.
At this point a year ago, the state had collected $102 million more than it had paid out in corporate taxes, figures show.
The situation this year is “definitely worse,” Greg Albrecht, the state’s chief economist, said in an interview when asked about the latest number.
“It’s evidence that some businesses are taking advantage of loopholes and the lax system we have on corporate taxation,” said Rep. Jay Morris, R-Monroe, who sponsored a bill passed during the special session that trims some sales tax breaks that businesses get.Seems like it's more widespread than just "some" and "loopholes" but I guess that's a start.