Dec 18 2017
WASHINGTON, D.C. - U.S. Sen. John Kennedy (R-La.) announced today that the final draft of the Tax Cuts and Jobs Act (H.R. 1) contains important provisions for Louisiana families, teachers, and businesses. The most significant provision is a two-year boost in the Gulf Coast's share of offshore revenue.
"Louisiana stands to receive millions of dollars in additional revenue for coastal restoration and hurricane protection," said Sen. Kennedy. "This is a tremendous acknowledgment of the critical role that Louisiana plays in reducing our nation's reliance on foreign oil. It's also an invaluable gift to our children and grandchildren. We need to reverse coastal erosion for future generations. House Majority Whip Steve Scalise and U.S. Sen. Bill Cassidy worked tirelessly to ensure this provision was in the bill. The entire state of Louisiana owes them great gratitude."
The bill also:
- Creates flexibility for families: Families will receive flexibility in saving money for their children’s education through 529 educational savings accounts. Traditionally, this money could only be used for college tuition. Now families will be able to use the savings for primary or secondary school expenses, ensuring that kindergarten all the way through college is covered.
- Builds families: The Adoption Tax Credit is preserved. This ensures that the adoption process is accessible and affordable.
- Supports teachers: The Educator Expense Deduction is retained, allowing teachers to claim a deduction for money they spend out of pocket on their classrooms. This is a modest tax deduction that helps teachers who selflessly spend their own money on school supplies.