Louisiana Governor Signs Law Increasing State Sales Tax Rate, Reducing Individual Income Tax Rates

The Louisiana Governor signed a law increasing the sales tax levy and reducing income tax rates. The law includes: 1) increasing the combined state sales tax rate to 5 percent, effective Jan. 1, 2025; 2) setting a combined state sales tax rate of 4.75 percent, effective Jan. 1, 2030; and 3) broadly applying a flat 3 percent individual income tax rate with increased standard deductions. The law took effect Dec. 4. [H.B. 10, enacted 12/04/24]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.