Why the 2021 legislative session was good for business

The 2021 legislative session didn’t make everyone happy.

But business organizations and good government groups overwhelmingly give the six-week session that ended June 10 high marks for being one of the most successful in recent memory.

“This has been an extremely collaborative session, where legislators worked together to develop innovative solutions for the good of the people of Louisiana,” says Stephen Waguespack, president of the Louisiana Association of Business and Industry.

That innovation and bipartisanship was enabled in large part by the pending arrival of a $1.6 billion federal windfall, courtesy of the Biden administration’s American Rescue Plan. With that kind of money headed to Louisiana, it was a lot easier for lawmakers to find creative solutions.

Still, that’s only part of the reason the session was hailed as a success by so many. The other is the passage of a package of tax reform measures that address many, though not all, of the problems that have long been cited for making the state’s Byzantine tax code complicated and anti-competitive. 

Granted, in order for the changes to take place, voters have to approve several constitutional amendments on the ballot this fall, which is no small feat. But nonpartisan analysts say the measures include much-needed reforms that will benefit many in the state, not just business owners and wealthy individuals. 

Read the full story about the legislative session from the latest edition of Business Report.