MCMINNVILLE, OR--(Marketwired - March 30, 2016) -
Introduction
Those that follow sales and use tax laws closely are aware that Louisiana recently passed significant changes affecting the application of sales and use tax. These changes go into effect April 1, 2016. The Department of Revenue released a detailed tax matrix that is available through the Louisiana State Legislature's website. The following link provides access:
http://www.rev.state.la.us/NewsAndPublications/PressReleaseDetails/2436
New Rules and a New State Tax of 1%
Passed under Louisiana's First 2016 Extraordinary Session, several acts were signed into law on March 14, 2016. Two of those acts -- Act 25 and Act 26 -- broadly impact sales and use tax. Of particular interest to taxpayers is that the four (4) state-level sales and use taxes will not apply uniformly to transactions after April 1, 2016. Here is a high-level breakdown:
- 47:302 (2% state tax) reduces the current number of available exemptions to 32 exemptions through June 2018. Beginning July 1, 2018, everything goes back to normal for this tax.
- 47:321 (1% state tax) reduces the current number of available exemptions to close to 31 exemptions through June 2016. Beginning July 1, 2016, everything goes back to normal for this tax.
- 47:331 (1% state tax) reduces the current number of available exemptions to close to 32 exemptions through June 2016. Beginning July 1, 2016, everything goes back to normal for this tax. (For those that really pay attention in tax class, this is actually a .97% tax and a .03% tax found in 51:1286 that follows all rules of 47:331).
- 47:321.1 (the new 1% state tax) provides for 65 exemptions through June 2018. Beginning July 1, 2018, this tax will no longer be imposed.
TTR Updates over 100,000 Products and Services Tax Answers in Louisiana
On April 1, 2016, TTR subscribers will be able to see what Louisiana tax rate applies to every product and service contained in TTR. TTR's team went line by line to find every product and service that can be sold in Louisiana and provided an accurate tax answer and the exact rate of tax that applies as of April 1, 2016. TTR will also revise these rates over time as the rules go back to normal.
About TTR
Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) -- TTR, Inc.
TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.
TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.
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Contact Information:
TTR, Inc.
866.578.8193
www.ttrus.com
