Louisiana Revenue Secretary Tim Barfield’s review of more than one hundred audits has led lawmakers to consider closing some tax loopholes in the 2015 Legislative session. The effort goes hand in hand with concern about Louisiana’s $1.6 billion budget deficit and stagnant corporate tax collections over that last several years. Despite positive economic gains nationally and statewide developments, Barfield’s agency found only about a quarter of major firms were paying corporate taxes to Louisiana. Of the 87 largest companies that filed corporate tax returns in 2012, 22 of them paid corporate income taxes in Louisiana, 42 paid corporate franchise taxes.
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