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In Louisiana, there’s a way for the wealthy to avoid paying state income taxes.

Source: bayoubrief.com - May 10, 2018

Last year, when government regulators ordered the closure of First NBC Bank of New Orleans, a stunning, $1 billion collapse of one of the city’s premier financial institutions, they also effectively bankrupted the state’s Tuition Donation Rebate program, a little-known program designed to pay private schools who offered tuition scholarships to students.

It was the other half of Louisiana’s controversial school voucher initiative, originally known as the Student Scholarships for Educational Excellence Program and now rebranded as simply the Louisiana Scholarship Program, part of former Gov. Bobby Jindal’s massive effort at school privatization.

First NBC was the Tuition Donation Rebate program’s largest contributor, spending millions on rebates and pledging millions more. Because of its closure, hundreds of students would likely lose their scholarships.

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Category: General Business