BATON ROUGE (AP) — A national credit rating agency says a package of sweeping changes proposed to Louisiana's tax laws would bring long-term improvements to the state's financial stability.
Standard & Poor's released a review this week of the major recommendations from a task force created by lawmakers to recommend a tax revamp for consideration in the 2017 legislative session.
The rating agency's assessment was that "on the whole we view these proposals favorably."
The task force suggested major rewrites of Louisiana's sales tax, personal income tax and property tax policies. The recommendations would lower tax rates, broaden where taxes are charged and lessen the number of complicated tax breaks.
Other proposals would involve more work to forecast the state's expenses.
S&P says the recommendations "would put Louisiana on a more sustainable fiscal path."
