A look at what tax breaks cost Louisiana

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Associated Press

Posted on July 22, 2012 at 3:02 AM

BATON ROUGE, La. (AP) — Louisiana gives out about $4.4 billion in tax breaks to businesses and individuals each year. A look at the major categories of taxes collected and tax exemptions in the just-ended 2011-12 budget year, according to estimates from the state revenue department:

Corporate Income Taxes:

—Potential collections: $1.7 billion.

—Actual collections: $198 million.

—Estimated exemptions: $1.5 billion.

—Percentage of tax loss: 88 percent.

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Sales Taxes:

—Potential collections: $4.1 billion.

—Actual collections: $2.7 billion.

—Estimated exemptions: $1.4 billion.

—Percentage of tax loss: 34 percent.

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Individual Income Taxes:

—Potential collections: $3.5 billion.

—Actual collections: $2.4 billion.

—Estimated exemptions: $1.1 billion.

—Percentage of tax loss: 32 percent.

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Severance Taxes:

—Potential collections: $1.2 billion.

—Actual collections: $764 million.

—Estimated exemptions: $432 million.

—Percentage of tax loss: 36 percent.

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Source: Louisiana Department of Revenue

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