Louisiana gave away 55 percent of its corporate tax revenues, while continuing to struggle with higher education funding, retirement system obligations and paying for other government services, Legislative Auditor Daryl Purpera told legislators.
Over a five-year period, state government gave up about $3 billion in taxes to encourage companies to come to Louisiana or to stay here, according to a report prepared by Purpera and his financial auditors. That’s out of a $5.4 billion that otherwise would have been collected through “corporate and franchise tax.