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Governor Jeff Landry has called the Louisiana Legislature to convene for a special session beginning on November 6th to focus on overhauling the state's tax system, which he says is failing its residents. According to the state's revenue department, our current tax structure includes a 4.25% income tax rate for earnings above $50,000, 3.5% for income between $12,500 and $50,000, and 1.85% for income below $12,500. Under Landry’s plan, income tax would be eliminated for those earning up to $12,500, with a flat 3% rate applied to those earning above that amount.
Similarly, in looking ahead to 2025, Representative Garret Graves has emphasized that Congress will need to address tax reform on the federal level, regardless of which party controls the government. For credit unions, this makes it even more critical to remain vigilant and proactive in advocacy efforts.
Now is the time to ensure that our voices are heard by lawmakers, especially as potential tax changes could have significant impacts on the financial services sector. Completing the community impact survey will be an essential part of this effort. The survey, based on feedback directly from Rep. Graves along with assistance from credit unions in our own state, is designed to help us effectively demonstrate our impact to legislators, allowing us to share data that resonates most with policymakers and strengthens our case during these pivotal discussions.
As an extra incentive to completing the community impact survey, we will be giving away two Credit Union Day at the State Capitol registrations (a $300 value) to one lucky credit union!
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