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BATON ROUGE – In response to requests from members of the Louisiana Legislature and the Governor’s office, the Department of Revenue has released information regarding corporate franchise tax filings. Today, the Department is making this information available to the public.
Secretary of Revenue Cynthia Bridges says that 94 percent of the $248.5 million in franchise taxes collected in Louisiana during fiscal year 2000-01was paid by only 500 corporate taxpayers. This represents about .3 percent of the 167,513 corporate franchise tax accounts. That means that the remaining 167,013, or 99.7 percent of corporate taxpayers, account for only six percent of the franchise tax collections.
Bridges also points out that Department of Revenue figures show the top 100 companies in Louisiana represent only .06 percent of the total number of corporate taxpayers, but pay 61 percent of the total franchise taxes.
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