Senate Committee on Revenue and Fiscal Affairs
November 8, 2005
2:00 pm
John J. Hainkel, Jr. Room

Adjourned		 
* Agenda Revised November 7, 2005, 6:50 pm *
Revision Notes: Revised Agenda

 		 




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Committee Meeting Agenda
 SB12THEUNISSENTAX/SALES - Phases-in a state sales tax exemption for non-residential natural gas and electricity by July 1, 2008. (1/1/06) (OR -$32,400,000 GF RV See Note)
 SB34DARDENNETAX/TAXATION - Provides that the federal income tax deduction for individuals will not be reduced by any federal disaster relief tax credits, which includes deductions limiting loss of property arising from a disaster and any other tax benefit determined by the secretary of the Department of Revenue. (gov sig) (OR -$119,500,000 GF RV See Note)
 SB38MOUNTTAX/TAXATION - Increases the "suspended" state sales tax exemption for natural gas and electricity so that the effective tax rate for the remainder of the suspension period (1/1/06 - 6/30/09) decreases from 3.8% to 3.3%. (1/1/06) (EG -$20,370,000 GF RV See Note)
 SB39MOUNTTAX EXEMPTIONS - Provides an immediate total state sales tax "exemption" until July 1, 2007 for manufacturing machinery and equipment, and their repair parts and services if they are for the repair or replacement of such machinery and equipment damaged or destroyed by the hurricanes. (gov sig) (EG -$1,985,000 GF RV See Note)
 SB40MOUNTTAX/SALES - Provides that the state sales and use tax will not apply to the first $2,500 of the price of a consumer purchase for non-business use on December 10, 2005. (gov sig) (EG -$3,200,000 GF RV See Note)
 SB41MOUNTTAX/FRANCHISE/CORPORATE - Provides an exemption for the increased borrowed capital incurred by corporations that had 50% of their property in the state located in, or received at least 50% of their in-state revenues from, the hurricane-impacted areas. (gov sig) (EG -$12,900,000 GF RV See Note)
 SB42MOUNTTAX/TAXATION - Prevents an increase in Louisiana income tax because of a reduction in federal income taxes as a result of (1) a federal credit if the secretary determines that the credit is a hurricane disaster relief credit granted, or (2) a casualty loss incurred as a result of the hurricanes. (gov sig) (EG SEE FISC NOTE GF RV See Note)
 SB46CAINTAX/SALES - Provides for a state sales and use tax limitation on the sales price and cost price of natural gas. (gov sig) (OR -$49,000,000 GF RV See Note)
 SB54ELLINGTONTAX/SALES - Limits the price of natural gas purchased by paper or wood products manufacturing facilities which is taxed to $6.20 MMBtu. and exempts them from all state sales tax on their purchases of electricity from January 1, 2006 to December 31, 2008.(1/1/06) (RE -$6,700,000 GF RV See Note)
 SB57ELLINGTONTAX/SALES - Exempts all state sales tax on natural gas purchased by Louisiana pulp and paper mills. (OR -$5,900,000 GF RV See Note)
 SB61SCHEDLERTAX/TAXATION - Provides that the federal income tax deduction for individuals will not be reduced by any federal disaster relief tax credits, which includes deductions limiting loss of property arising from a disaster and any other tax benefit determined by the secretary of the Department of Revenue. (gov sig) (OR -$119,500,000 GF RV See Note)