Capitol Views: Senate dips into tax incentive debate

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Should new tax credits be created? Should existing tax incentives be curtailed or even eliminated? Those are some of the questions that legislators are asking this afternoon during a meeting of the Senate Revenue and Fiscal Affairs Committee—the first such gathering of the upper chamber’s tax-writing committee since the fiscal session convened one week ago.

It didn’t take long for the committee to advance the session’s first tax bill for a floor vote. Senate Bill 22 by Sen. Barrow Peacock, R-Bossier City, would limit the state’s existing Second Amendment sales tax holiday. Rather than opening up the tax break to a variety of hunting-related purchases, like ATVs and airboats, the bill would restrict it to “firearms, ammunition and archery.”

There was a cooler reception for Peacock’s Senate Bill 18, which would scale back the tax credit for converting a vehicle to use alternative fuels. The bill was deferred in order to give Peacock more time to work on it. Similar action was taken on Senate Bill 93 by Sen. Fred Mills, R-Parks, to creates a new sales tax exemption for the preparation and painting of certain aircraft, and for Senate Bill 79 by Sen. Jay Luneau, R-Alexandria, to make permanent what are supposed to be temporary reductions to a handful of income and corporation franchise tax credits…

 

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