re: Gov. Edwards set to announce tax plan at press conference

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Could you explain this as if you were speaking to, say, a 15 year old?

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Need to put the state's comopanies into two buckets

1) Corporations and LLCs taxed as corporations

Basically, These companies will calculate three taxes: 1) Minimum new tax, 2) regular calculation for new tax, and 3) corporate income tax. The company will pay the highest of the three.

2) For pass through entities, i.e. partnerships, as well as joint ventures and LLCs treated as joint ventures, and disregarded entities, they will calculate 1) minimum new tax and 2) regular calculation for new tax. The company will pay the highest of the two.

It's not clear yet how S Corps will be handled.

The terrible, no good part of this: those partnerships and entities that are taxed like partnerships, will have to pay this as well as pick up full freight on their personal tax returns.