On August 20, alliantgroup hosted U.S. Senator David Vitter (R-LA) in a meeting on tax policy issues and their impact on Louisiana at the firm’s headquarters in Houston. In a roundtable discussion that included Louisiana business owners as well as former U.S. Congressman Rick Lazio and former Senior Counsel to the U.S. Senate Finance Committee Dean Zerbe, the meeting focused on the steps that Louisiana can take in creating an environment more conducive to the success of the state’s small and mid-sized businesses.
Supporting Small Businesses and Startups
During the meeting, Senator Vitter pledged his support for policy efforts that would create high quality jobs and make the state’s middle market companies more competitive. To achieve this goal, Vitter emphasized the importance of encouraging innovation among state businesses—particularly among smaller businesses and startups—referring to these companies as the “true engines of our nation’s economy.”
“First and foremost, our goal should always be to pursue policy that helps small and mid-sized businesses, not regulations that will ultimately impede growth,” said Senator Vitter. “Rest assured, Louisiana state businesses will always have my backing in pursuing laws that will give them every opportunity to remain competitive.”
The Louisiana State R&D Tax Credit
With an eye toward the broader economy and tax policy, the focus of the meeting shifted to individual state laws and their impact on businesses—specifically, those laws and regulations surrounding the Louisiana state R&D tax credit. Once one of the strongest tax credits in the nation, restrictive tax laws and compliance changes have greatly curtailed the amount of state businesses benefitting from the credit, with small and mid-sized companies suffering the most due to the stricter regulations.
Taking into account the concerns of small business owners, Vitter discussed the need for the state to be predictable and fair in their treatment of all businesses, stating that he would reject any regulatory treatment that would reverse the gains made over the last 15 years that have made Louisiana a place where small and medium-sized businesses can prosper.
“We want to reward innovation and incentivize Louisiana’s innovators—they are the people who will be a part of the new Louisiana economy,” said Vitter. “We need to treat people right. We made a promise.”
Contact us today for more information on alliantgroup’s tax consulting services and federal and state R&D tax credits.