Clarifying matters: The Louisiana Department of Revenue announced last week that Paycheck Protection Program funds and other federal sources of money will not be subject to state taxes. However, unemployment compensation and the state frontline worker rebates are subject to state taxes. Louisiana Main Street Recovery Program Grants will also be subject to taxes. The Baton Rouge Area Chamber is hosting a webinar tomorrow to discuss the current available aid for businesses from the latest federal coronavirus aid package. Get more information here.
Changing roles: Though he hasn’t retired, Richard Lipsey has changed his title from “chairman” to “founder” of Lipsey’s, which he purchased in 1977. He’s passing the role on to his daughter, company President and CEO Laurie Aronson, who will now serve as CEO and chairwoman of the national firearms distributor. Meanwhile, Lipsey’s Senior Vice President and General Manager Flint Virgets will step into the role of president. Despite the title changes, Lipsey plans to remain on the company’s board in an advisory capacity.
Reversal: U.S. Sen. Bill Cassidy, R-La. today formally introduced the Keystone XL Pipeline Construction and Jobs Preservation Act to authorize the continued construction of the Keystone XL Pipeline following President Biden’s decision to revoke the cross-border operation permit. Cassidy introduced the legislation with several other senators. See the announcement here. See the announcement here.
