Originally published on Mon March 16, 2015 7:15 am
Have you noticed you don’t see “inventory reduction” sales regularly, like you used to? That’s because of Louisiana’s business inventory tax credit, put in place in the 1990s.
“It certainly has been no reason for companies to deplete their inventories at the end of the year,” state Sen. Robert Adley observes.
Businesses still do count their inventory, and pay local taxes on their stock on hand. But when they file their corporate income tax returns with the state, Louisiana reimburses the companies for every penny they paid in inventory tax—even if the amount exceeds the other state taxes the business owes.
Voters across the state will decide whether New Orleans residents get to vote on raising property taxes. House Bill 111 was given final passage Thursday. It would nearly double the portion of property taxes that go to police and fire protection from about 10 mills to 20 mills.
The measure needs a series of approvals before taxes would rise. Voters statewide and in New Orleans would have to approve it in November. And voters in New Orleans would have to approve it again in another vote.
The City of New Orleans has extended the deadline for paying 2014 property taxes to Friday, Feb. 7 due to the closure of City Hall as a result of the winter storm that shut down much of the region this week.
Property owners can make payments in several ways, including in-person, by mail and online:
Bureau of the Treasury City Hall, Room 1W40
The City will provide a drop-off lane at the Perdido St. entrance to City Hall on Friday, Jan. 31 and Friday, Feb. 7.
La. state tax credits aren't just for Hollywood producers any more. This week on Out to Lunch, Peter Loop introduces eTax Credit Exchange where YOU can buy a credit and lower your taxes. Orleans Parish Assessor Eroll Williams will also lower your taxes, if you can convince him. Plus, want everyone in NOLA to send you money? Click here: FundDat.