Bill To Repeal Income Tax Advances To Senate Floor - Politics News ...

POSTED: 9:58 pm CDT June 1, 2011

BATON ROUGE, La. -- In a surprise move, a Senate committee on Wednesday advanced a bill to repeal the state's income tax -- sending it to the full Senate for debate.When the bill was sent to the Senate Finance Committee, sponsoring Sen. Rob Marionneaux and many lawmakers predicted the assignment of the income tax repeal to its second Senate committee was a maneuver to kill the measure so senators wouldn't have to take a floor vote on the idea.Instead, the committee voted 7-3 to advance the bill, which would drain more than $3 billion annually from state coffers upon the complete removal of the state's personal and corporate income taxes.Finance Committee members said they like the 10-year phase-out approach that Marionneaux, a Democrat from Livonia, is proposing -- and the removal of other tax exemptions he's pitching to cover some of the lost money. The measure evolved from Marionneaux's original proposal, which would have removed the taxes more quickly and which offered no plans for replacing any of the cost."I simply think that it's time that we do something radical," Marionneaux said.He described his repeal proposal as a way to draw new people to Louisiana, keep younger residents from moving away and give "mom and pop" more money to spend boosting the economy.

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Source: http://www.wdsu.com/politics/28103070/detail.html

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