Business

Business House Bill 4

By Representative Tanner Magee, extends the sunset for Louisiana’s income and corporation franchise tax credit for eligible costs and expenses incurred during the rehabilitation of a historic structure located in a downtown development district or a cultural district through 2025. HB 4 places use limitations on the tax credit going forward.

HB 4 was signed by Governor Edwards and became ACT No. 25. ABC of Louisiana supported

HB 4.

Senate Bill 189

By Senator Bodi White, creates the Main Street recovery program and dedicates $275 million of the Coronavirus AID, Relief and Economic Security (CARES) Act money to help local businesses while keeping nearly $500 million available to aid local governments. SB 189 is an effort to help small businesses ineligible for federal funding to remain operational.

SB 189 was signed by Governor Edwards and became ACT No. 311.

House Bill 13

By Representative Mark Wright, allows the Louisiana Enterprise Zone Tax Credit Program to temporarily be used by retailers, hotels and restaurants with less than 50 employees, and extends the Enterprise Zone Tax Credit program sunset through 2026.

HB 13 was signed by Governor Edwards and became ACT No. 28.

Senate Bill 6

By Senator Bret Allain, suspends the corporate franchise tax on the first $300,000 of taxable capital for small business corporations, defines “small business corporation” as an entity that is subject to the corporation franchise tax, and that has taxable capital of $1,000,000 or less. SB 6 retains the prior tax rate of $3 per $1,000 of taxable capital above $300,000 and retains the first bracket of the tax for all taxpayers with taxable capital above $1,000,000. SB 6 only applies to taxable periods beginning between July 1, 2020 and June 30, 2021.

SB 6 was signed by Governor Edwards and became ACT No. 15.

House Bill 19

By Representative Thomas Pressly, expands the eligibility for participation in Louisiana Quality Jobs Tax Rebate program to COVID-19 impacted businesses with less than 50 employees. HB 19 further defines COVID-19 impacted businesses as any for-profit corporation, limited liability company, partnership, or sole proprietorship that had a physical and active operation in Louisiana on March 13, 2020, and ceased operations due to either one of the governor’s public health emergency proclamations or a mayor’s proclamation or executive order related to the public health emergency, or a decrease in customer activity or the inability to retain sufficient staff due to the COVID-19 public health emergency.

HB 19 was signed by Governor Edwards and became ACT No. 29