Tuesday, June 24, 2008

Governor signs Stelly Tax repeal

Legislation eliminating the Stelly Tax increase imposed in 2002 has been signed into law by Gov. Bobby Jindal.

Senator B.L. “Buddy” Shaw, the author of the bill said he was surprised to hear that the governor signed the bill Sunday because he is to be in Shreveport Tuesday to have a public signing ceremony.

Shaw said he was disappointed that the bill was amended to not give a refund until 2009 tax returns are filed in 2010, but "some may see some increase in their pay checks in they change their withholding."

SB87 changes the income tax rate for income between $25,000 and $50,000 to 4 percent from the current 6 percent, the same level of taxation before the Stelly Plan was adopted.

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