One Acadiana and the Louisiana Association of Business and Industry held a breakfast event Wednesday to drum up support for the two tax reform constitutional amendments on the Nov. 16 ballot.
The two groups sponsored the event, where LABI President Stephen Waguespack and Rep. Beau Beaullieu encouraged Acadiana business leaders to support the two ballot initiatives.
Amendment No. 1 would streamline the state’s sales tax collections, creating a single collection authority for state and local sales tax. Business leaders and the economic development community have rallied behind centralized collections in recent years, arguing that it would make taxes simpler for in-state businesses.
The second amendment would eliminate the state’s federal income tax exemption for state income and corporate taxes in exchange for lowering the actual tax rates. The amendment would also add a trigger to lower taxes if collections grew rapidly.
“One Acadiana is in support of all four of the constitutional amendments,” said Troy Wayman, president and CEO of One Acadiana. “Two of these amendments in particular, listed as No. 1 and No. 2 on the ballot, would enable transformational tax reforms that would support more jobs and lower taxes.”