BUSINESS REPORT: NFIB hopeful for further income tax cuts under new governor
Governor-elect Jeff Landry had a 100% voting record with the National Federation of Independent Business when he was in Congress, says Dawn Starns McVea, who leads NFIB’s Louisiana chapter.
That stat, combined with the fact that NFIB-backed candidates for the Legislature won 35 of 39 races decided Saturday, raises hopes for the organization’s agenda, which includes further income tax cuts. McVea points to recent surpluses as evidence that state government can live with less revenue.
Others will note, however, that recent federal support for state finances will not continue at the same level, and a .45% sales tax that raises close to $500 million annually is set to expire in 2025. But other neighboring states, such as Texas, Arkansas and Mississippi aren’t letting future uncertainty stop them from cutting taxes, McVea says.
“We got ahead of the curve for a minute on income-tax rates because of the constitutional amendment,” she says, referring to the changes voters approved in 2021. “But everybody’s about to pass us by again.”
NFIB also wants lawmakers to continue taking steps toward streamlining and simplifying sales tax collection, and backs incoming Insurance Commissioner Tim Temple’s call to amend the state’s “bad faith” law, which critics say encourages lawsuits.