How federal tax rewrite could be a gift for Louisiana lawmakers struggling with budget
The sweeping $1.5 trillion federal tax overhaul may turn out to be a desperately-needed gift for Louisiana's state budget at a critical time.
It's a unique perk for the state – though it will mean higher state tax bills for individuals, and officials still are unclear how much money the state can expect from it.
The tax overhaul, championed by Congressional Republicans and President Donald Trump, lowers federal taxes for many.
Currently, Louisiana is one of just three states that allow individuals and some businesses to deduct 100 percent of their federal incomes taxes from the amount that they pay in state taxes. Smaller federal tax bills will mean smaller state deductions. That puts more money in the state's coffers.
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