Taxpayers impacted by last year’s oil spill may get a potential break, courtesy of the House Ways and Means Committee today. The panel is expected to take up House Bill 620 this morning by Rep. Damon Baldone, D-Houma. It would allow an exclusion from state income taxes for lost wages and income related to the oil spill. “You wouldn’t believe how many people are facing bankruptcy,” says Baldone. “I hear it every day.” Baldone says he patterned the proposal after legislation that was passed in the wake of hurricanes Katrina and Rita in 2005. If approved by both chambers and Gov. Bobby Jindal, the proposed law will be applicable for taxable periods beginning on or after Jan. 1, 2011. The committee is also expected to take up the state’s annual construction budget and consider extending the deadline for applications to receive tax credits or rebates under the Louisiana Quality Jobs Program. —Jeremy Alford
Today’s poll question: What do you think of Rep. Hunter Greene’s bill to abolish state taxes on corporate and personal income?
