KSLA) — It soon will be easier to figure the sales tax off the top of your head while shopping in Bossier City.
A 0.55% increase in the state sales tax goes into effect Wednesday (Jan. 1) in Louisiana.
That means the total sales tax in Bossier City, which now stands at 9.45%, will rise to an even 10%.
Late this year, Louisiana legislators approved the state sales tax increase as part of Gov. Jeff Landry’s tax overhaul, which will erase Louisiana’s budget deficit that was expected to be just shy of $600 million and threatened funding for health care services and higher education.
[RELATED: State sales tax raised to 5% at close of Special Session]
[RELATED: Projections show Gov. Jeff Landry’s tax overhaul will erase next year’s budget deficit in Louisiana]
Landry’s tax plan, which was passed by the Louisiana Legislature in November, cuts individual income and corporate taxes by $1.2 billion in the next fiscal year, according to the latest revenue projections.
But that reduction is offset by a boost of $1.3 billion in sales tax collections, largely thanks to an increase in the state’s general sales tax rate from 4.45% to 5% until 2029.
[RELATED: Gov. Landry’s plan to raise sales taxes may also raise insurance premiums]
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As of January 1, 2022, Bossier City residents will see an increase in their state sales tax rate, bringing it to an even 10%. This increase is due to a statewide sales tax hike that was recently implemented by the Louisiana State Legislature.
While the additional revenue generated from this tax increase will undoubtedly benefit the state as a whole, many Bossier City residents are concerned about the impact it will have on their wallets. With a sales tax rate of 10%, consumers will now have to pay an additional 1% on most goods and services purchased within the city limits.
Local businesses are also feeling the effects of this tax increase, as they may see a decrease in sales as customers look for ways to save money. Some businesses may even be forced to raise their prices to offset the higher tax rate, further burdening consumers.
It remains to be seen how this sales tax increase will ultimately affect the economy of Bossier City. In the meantime, residents are advised to budget accordingly and be mindful of their spending habits in order to adapt to the higher tax rate.
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