Advantous Consulting

Join #TeamAdvantous tomorrow at 10 AM as we dive into Governor Jeff Landry’s LA Forward tax reform package ahead of the 2024 Third Extraordinary Session. We're excited to be joined by Secretary Richard Nelson, Representative Julie Emerson, and Senator Mike Reese, who will provide insights on the LA Forward package, other potential legislation we may see, and the Special Session. 📅 Date: Thursday, October 31st 🕙 Time: 10 AM CST 📍 Register here: https://shorturl.at/7AOLo

This morning, Jason DeCuir led the Louisiana Association of Business and Industry Tax and Finance Council, which he has chaired for several years, to discuss potential tax reform proposals for Louisiana's upcoming Special Session. He was joined by Louisiana Department of Revenue Secretary Richard Nelson, who provided valuable insights to council members on what to expect.

The Executive Office of Governor Jeff Landry has now released his Call for an Extraordinary Session of the Louisiana Legislature, focusing on tax reform. The proposals, as currently understood, include the most comprehensive rewrite and reorganization of Louisiana’s tax laws in at least a generation, and probably since the adoption of Louisiana’s current constitution in 1974 (if not before, since many of those provisions were carried over from the earlier constitution). The Governor’s Call (attached) contemplates legislation on everything from corporate and individual income taxes to sales/use taxes to corporation franchise taxes to property taxes. Among the proposals the legislature will consider are expanding the sales/use tax base by, among other things, increasing the list of enumerated taxable services from the current 8 to more than 40, and specifically identifying taxable digital products; eliminating many (perhaps most) of the state’s approximately 225 sales/use tax exemptions and exclusions; flattening the individual income tax rate to 3% (with additional reductions based on economic growth); and reducing and flattening the corporate income tax rate from the current maximum 7.5% to 3%. There are also proposals to make all current state-level sales/use tax exclusions or exemptions taxable at the local level, too. Currently, prescription drugs/medical devices and manufacturing machinery and equipment (MME), for example, are excluded from state-level tax, while locales have the “local option” of how to treat those transactions. Some parishes treat the transactions as fully excluded from local tax; some as partially excluded (i.e. a reduced rate); and some fully excluded, creating a patchwork of laws across the state for the treatment of identical transactions. The legislature is also expected to consider a constitutional amendment to rewrite Article VII of the state constitution, one that the citizens of the state will have to adopt, first, for most of the other tax provisions under consideration to take effect. Many of the items included in the current Article would be moved to statute — including nearly all property tax exemptions (excepting the homestead exemption). The Tax Reform special session will commence on Wednesday, November 6 and run until November 25, 2024. My colleagues at Advantous Law and I, together with our colleagues at Advantous Consulting, will be following the special session closely, reviewing and analyzing the bills the legislature will consider and following them as they move through the legislative process, from introduction to committee review, to floor consideration, amendment and final action. Our focus will be on how the tax changes affect our clients and their industries and the Louisiana business community, writ large. If you have any questions or want our assistance analyzing specific bills or proposals, our team is ready to assist you.

Governor Jeff Landry has officially called Louisiana's Third Extraordinary Session for November 6-25th to tackle the state's impending budget deficit through tax reform. Join #TeamAdvantous on Thursday, October 31st at 10 AM CST for an in-depth look at Governor Landry’s LA Forward tax reform package and its potential impact on your business. Register: https://lnkd.in/gY_9aasd

The LA Senate Revenue and Fiscal Affairs Committee will meet tomorrow at 10am CST to discuss the proposals included in Governor Landry’s LA Forward tax reform package ahead of the potential Special Session in November. The Louisiana Department of Revenue and Louisiana Economic Development are scheduled to present. For more information on the committee meeting or the potential Special Session, please contact our Government Relations Team. senrev1024.pdf (la.gov) (https://lnkd.in/gJqn6zGg)

The Louisiana Tax Commission will meet this afternoon at 1pm CST for the supplemental adoption of proposed amendments and updates to the 2025 LTC Rules and Regulations. For more information, please contact our Property Tax team. chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://lnkd.in/gRhpx7U3

Advantous had an incredible time sponsoring the LABI Foundation Golf Tournament yesterday! 🏌️♂️⛳️ Jason DeCuir teamed up with Chris Schouest, Terry Baugh, and Will Green for some friendly competition on the course, while #TeamAdvantous held down the tent, serving up treats and refreshing drinks! Huge shoutout to Louisiana Association of Business and Industry for inviting us to be a part of this fantastic event and great job on the green, everyone! Here's to more days of fun and networking!

🚨Meeting Notice🚨 The Louisiana Board of Commerce and Industry is scheduled to meet tomorrow, October 23rd, at the LaSalle Building in the LaBelle Room at 9:30 am. For more information, please contact our Business Incentives team. CI-Agenda-PUBVer-OCT-23-2024.pdf (opportunitylouisiana.gov)

Last week, Advantous team members Klein Herrmann, Frances Dodson, and Blaike Ordes, J.D., D.C.L. had the pleasure of attending the Greater Baton Rouge Industry Alliance, Inc. Member and Partners Appreciation Mixer. Representative Garret Graves was on hand to address the crowd, providing valuable insights and encouraging an engaging Q&A session. #TeamAdvantous also showcased our competitive spirit in the cornhole competition! Thank you to GBRIA for hosting such a wonderful event!

This spooky season, #teamadvantous participated in 10/31 Consortium's Halloween Costume and Candy Drive! 10/31 Consortium is a 100% volunteer-run organization that serves because they have a heart for children and a love of Halloween. They collect lightly used costumes for children who otherwise wouldn't have one for Halloween during their costume giveaway days. A heartfelt thank you to Advantous employees who donated costumes and candy. Don’t miss the costume giveaways on October 19th in Donaldsonville and October 20th in Baton Rouge. Wishing everyone a happy and safe Halloween! #Halloween #HalloweenCostumeDrive https://lnkd.in/guSZmzqW