Corporate franchise taxes for small businesses will be suspended for the next year under a resolution adopted Monday by the Louisiana Legislature.
- The suspension runs from July 1 through June 30, 2021.
- It applies to businesses subject to the tax that have up to $500,000 of taxable capital. A first-time initial tax of $110 also is suspended.
- The measure takes effect immediately without requiring the signature of Gov. John Bel Edwards (D).