- Associated Press - Thursday, May 7, 2015

BATON ROUGE, La. (AP) - Lawmakers in the House agreed to a series of tax increases and reductions to tax breaks, to help bring more money into the state treasury. Here are the bills included in the package:

-Modify a severance tax exemption for oil and gas produced from horizontally-drilled wells, adding new limits on the tax break as the price of oil and natural gas increases. No money estimated to be raised next year. House Bill 549, by Rep. Major Thibaut, D-New Roads. PASSED, 76-24 vote.

-Reworks a tax loophole that lets businesses deduct from their Louisiana net income operating losses they had from other years, to eliminate the ability to carry back those losses for three years but give businesses an extra five years to carry losses forward. Estimated to generate $29 million annually. House Bill 218, by Rep. Chris Broadwater, R-Hammond. PASSED, 94-10 vote.

-Increase Louisiana’s cigarette tax by 32 cents per pack, raising it to the 68-cent rate charged by Mississippi. Estimated to raise $68 million next year and $78 million annually after that. House Bill 119 by Rep. Harold Ritchie, D-Bogalusa. PASSED, 77-27 vote.

-Temporarily suspend a 1-cent sales tax exemption on business utilities. Estimated to generate $103 million next year. House Concurrent Resolution 8 by Rep. Jack Montoucet, D-Crowley. PASSED, 65-38 vote.

-Limit the tax credit Louisiana residents can take for income taxes paid to another state. Estimated to generate $34 million annually. House Bill 402 by Rep. Julie Stokes, R-Kenner. PASSED, 96-7 vote.

-Make various changes to the state’s solar tax credit, repealing the credit for leased and thermal systems, lowering the maximum credit and other adjustments. Estimated to generate $10 million next year. House Bill 779 by Rep. Erich Ponti, R-Baton Rouge. PASSED, 90-11 vote.

-Cut business tax rebate programs by 20 percent. Estimated to generate $5.3 million next year and double the year after that. House Bill 635 by Rep. Katrina Jackson, D-Monroe. PASSED, 65-38 vote.

-Cut income and franchise tax credits and tax incentive programs 20 percent. Estimated to generate at least $223 million next year, growing annually. House Bill 629 by Rep. Katrina Jackson, D-Monroe. PASSED, 66-35 vote.

-Cut certain exclusions and deductions allowed from the calculation of a business’ gross income by 20 percent. Estimated to generate $194 million a year. House Bill 624 by Rep. Katrina Jackson, D-Monroe. PASSED, 64-36 vote.

-Reduce the amount of refundable tax credit businesses can receive for paying local property taxes on inventory by 25 percent. Estimated to generate $118 million next year, growing annually. House Bill 805 by Rep. Bryan Adams, R-Gretna. PASSED, 58-39 vote.

-Cap the tax credits Louisiana gives to film and TV productions at $200 million a year. No money estimated to be saved next year. House Bill 829 by Rep. Joel Robideaux, R-Lafayette. PASSED, 101-2 vote.

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Online:

Louisiana Legislature: www.legis.la.gov


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