Although on August 1 we reported that a special session to address the pending “fiscal cliff” and tax reform in Louisiana was unlikely in 2024, it appears there is significant momentum from the Executive Branch to convene a special session in early November of this year to address that cliff and to pursue significant tax reform.  Apparently, almost every exclusion, exemption, deduction, and credit for every genre of tax are on the table for consideration for elimination or modification, including those provided for in the Louisiana Constitution, in order the to balance the state’s budget.  If you have any business interests in Louisiana, you will want to follow closely as the legislature seeks to close the impending revenue gap, and Executive Branch seeks to pursue tax reform as discuss in this post.  A view into what may be considered can be found in HB 641 from the 2023 Regular Session.

We will pass along updates as we learn them.