Tax News

CCH (cch.taxgroup.com) reports:

Louisiana Governor Bobby Jindal signed legislation that provides a reduction of personal income tax rates in certain brackets to the same amounts as provided for prior to the enactment of the Stelly Plan (Act 51 of 2002). This change is applicable to all tax years beginning on and after January 1, 2009, and the withholding tables for personal income tax will not be amended by the Department of Revenue until after July 1, 2009.
Specifically, the individual rates of tax are as follows:
-- a rate of 2% on the first $12,500 of net income that is in excess of applicable credits;
-- a rate of 4% on the next $37,500, up to $50,000, of net income; and
-- a rate of 6% on anything over $50,000.
This legislation was reported on previously (TAXDAY, 2008/06/12, S.13).
Act 396 (S.B. 87), Laws 2008, effective June 23, 2008 and applicable as noted
CCH Reference - TRC SALES: 51,552.20