BATON ROUGE, La. — The Louisiana Revenue Estimating Conference convened to review the state’s fiscal health and 2025 revenue forecast, highlighting promising results from recent tax reforms enacted during the 2024 Special Session on taxes.
Key takeaways included the announcement that Louisiana will no longer face a budget deficit, largely due to the elimination of the corporate franchise tax and other pro-growth initiatives. These reforms are projected to bolster funding for critical services, including education, health care, and infrastructure.
Economic Reforms Driving Growth
Lawmakers emphasized that these measures are part of a long-term strategy to stabilize Louisiana’s economy and enhance its business climate. Senate President Cameron Henry called the developments a significant turning point:
“This is the first major step to turn the state in the right direction for its citizens and business climate, with the next step being the passage of the proposed constitutional amendment to make permanent the teacher and support personnel pay increase and to stabilize the state’s revenue projections. We are sending this to the public and hope they trust in our initiatives to provide for Louisiana.”
House Speaker Phillip DeVillier echoed this optimism, stating:
“We are seeing the steps we have taken pay off, and given time and proper measures passing, we will continue to see the state’s steady progress.”
Focus on Sustainability
With economic growth on the horizon, lawmakers also discussed the importance of refining these reforms to maximize their long-term impact. The elimination of the corporate franchise tax is expected to make Louisiana more competitive, attracting businesses and spurring investment.
The proposed constitutional amendment to make permanent the teacher and support personnel pay increase, as well as to stabilize revenue projections, will be a crucial next step in ensuring sustained progress.
Looking Ahead
The Revenue Estimating Conference anticipates more robust economic growth as Louisiana continues to implement these reforms. Lawmakers expressed confidence that these measures will foster a stronger fiscal foundation and improve the quality of life for residents.
For more information on Louisiana’s fiscal developments and the proposed constitutional amendments, visit Revenue.Louisiana.gov.