The Louisiana Bankers Association recently conducted a survey of Louisiana bankers that shows they are overwhelmingly positive about the economic impact of the federal Tax Cuts and Jobs Act as evidenced by the following survey results:
- Over 84% of the respondents said they believe the tax cut will result in increased economic activity in their market area.
- Nearly 82% of respondents said they believe the tax cut will have a meaningful impact on the financial strength of their business and agriculture loan customers.
- Nearly 61% of respondents said they believe the tax cut will have a meaningful impact on the financial strength of their consumer loan customers.
And, the banks themselves see increased activity. While not all respondents have decided exactly how to deploy the savings, about 40% of the respondents who have decided how to deploy the savings say they will increase employee wages and invest in bank operations, which can aid in meeting customer needs.
“The federal tax changes will have an ongoing, positive impact on Louisiana bank customers. We are anticipating stronger economic growth than would otherwise be,” said LBA Chief Executive Officer Robert Taylor.