Louisiana Legislature just concluded a special session where it attempted to close a $900M+ deficit for the rest of this fiscal year and over $2B deficit for next fiscal year. The pressure to fix our budget crisis resulted in some radical bills, many of which will negatively affect our clients’ operations here in Louisiana.
In the recently enacted "Tax Increase Prevention Act of 2014," Congress has once again extended a package of expired or expiring individual, business, and energy provisions known as "extenders." The extenders are a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws which have been on the books for years but which technically are temporary because they have a specific end date. Congress has repeatedly temporarily extended the tax breaks for short periods of time (e.g., one or two years), which is why they are referred to as "extenders." The new legislation generally extends the tax breaks retroactively, most of which expired at the end of 2013, for one year through 2014 only.
We're really excited about it, and we hope you are, too. A lot of thought and planning was involved.
We will have our ribbon cutting ceremony October 3rd, 2014, 2 PM to 3 PM, at our office located at 330 Veterans Blvd., Denham Springs, LA 70726.