Louisiana treasurer calls for tax cuts after bond rating upgrade
Republican Treasurer John Fleming said Louisiana should advance new tax cuts as the state's financial position continues to improve. Fleming, in an interview with USA Today Network, pointed to the state's upgraded credit rating as another indication of the state's financial strength that would increase its ability to absorb more tax cuts. Fitch Ratings moved Louisiana credit rating from "AA-" to "AA" last week, which means the state will pay less in interest when it borrows money for infrastructure projects. The global agency credited new 2024 tax laws passed by the Republican-controlled Legislature and Gov. Jeff Landry, who hailed the upgrade in a post on X, saying, "I remain committed to treating Louisiana tax dollars with the fiscal responsibility they deserve." Senate President Cameron Henry of Metairie and House Speaker Philip DeVillier of Eunice also said in a joint statement lawmakers will continue "making the changes necessary to secure our state’s fiscal future." Fleming said those changes should start with raising the value of state's property tax exemption on primary residences, known as homestead exemption, and phasing out personal income tax. Louisiana's standard homestead exemption value is $75,000, though special exemptions can raise those values. Fleming noted that Louisiana is
