Louisiana’s GOP-dominated legislature passed tax cuts on personal and corporate income on Friday in exchange for a statewide sales tax increase, a mixed bag of success for Gov. Jeff Landry, whose original tax revision plans faced resistance from lawmakers and lobbyists amid hard fiscal realities. Lawmakers approved flattening the personal income tax rate to 3% and reducing the highest tier of the corporate income tax rate from 7.5% to a flat 5.5% rate. They also repealed the 0.275% corporate franchise tax, which had been considered a roadblock to economic growth by conservative lawmakers.
