DALLAS, Nov. 14, 2016 /PRNewswire/ -- Louisiana voters rejected a recommendation of the state's HCR 11 Task Force on Structural Changes in Budget and Tax Policy that would have created a single flat corporate tax rate of 6.5% and eliminated the federal income tax deduction for corporations. The vote was required because the income tax deduction is in the Louisiana State Constitution.
On Election Day, November 8, 2016, Proposed Constitutional Amendment No. 3 failed with a vote of 56% ("no" to the elimination of the deduction). Consequently, Louisiana's corporate income tax brackets and rate structures will remain the same.
We previously issued a comprehensive special report on all the Louisiana tax developments on November 3, 2016. In addition, we announced our plans once the election was over to have a webinar to review all the developments that have occurred. Please watch for a "Save the Date" announcement for further information on the webinar.
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.
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