7 new tax laws approved by Louisiana Legislature, Gov. John Bel Edwards
Seven tax changes approved by the Louisiana Legislature became law Monday (June 26) when Gov. John Bel Edwards signed the legislation. Two are expected to save the state money, and five are expected to cost the state money, according to analyses by legislative staffers.
Louisiana is facing a projected $1.2 billion budget shortfall starting July 1, 2018. Five of the changes would increase that gap, possibly by millions of dollars, according to analysts.
Here's a rundown of the changes:
Rare coin purchases
Some types of rare coins now carry a partial sales tax, and that tax was supposed to disappear July 1, 2018. Now the tax will be eliminated Oct. 1, nine months earlier.
The coins at issue are those valued at less than $1,000. If purchased at a national, statewide or multi-parish coin show in Louisiana, coins worth more than $1,000 also will be exempt from state sales tax.
Read more: http://www.nola.com/politics/index.ssf/2017/06/senate_gop_health_care_bill.html