National Tax Bill Could Bring Millions To Louisiana
The huge tax bill that was passed this week in Congress has provisions in it that Louisiana's congressional delegation say will specifically benefit Louisiana.
There is one provision that allows victims of the 2016 south Louisiana floods to amend their tax return for that year to deduct their losses. In an interview, Senator Bill Cassidy said estimates are that it will bring $500 into Louisiana.
The bill also waives a 10 percent penalty for people who withdrew money from 401(k) retirement funds to pay for 2016 flood damage.
Another victory for the Bayou State is a provision that would increase offshore oil revenue for gulf states, which could mean an added $100 million for coastal restoration efforts.