Louisiana gives out about $4.4 billion in tax breaks to businesses and individuals each year. A look at the major categories of taxes collected and tax exemptions in the just-ended 2011-12 budget year, according to estimates from the state revenue department:
Repeated rounds of budget shortfalls have prompted lawmakers to take an in-depth look at the long list of tax breaks that siphon billions of dollars from Louisiana's treasury each year.
A 14-member study panel of legislative leaders Monday launches a six-month review of the $4.4 billion in tax exemptions, rebates and credits on the books.
For years, when state coffers were flush, tax break bills sailed through the Louisiana Legislature. But with the economy struggling, Republicans and Democratic state lawmakers are questioning if they've been too generous.
BATON ROUGE — Gov. Bobby Jindal has signed into law a 10-year, $37 million tax break for the New Orleans Hornets, part of the state's deal to keep the NBA team in Louisiana.
Jindal announced the signing Tuesday, in a list of bills that he agreed to enact into law.
The bill by Jefferson Parish Rep. Cameron Henry, a Republican, extends an existing tax break that saves the Hornets $3.7 million a year through Louisiana's Quality Jobs Program. The rebate will be extended through the 2024 NBA season.