Lawmakers approved a tax bill last week ​to decrease Louisiana’s overall sales tax ​percentage r​ate.

The current ​5​ percent overall sales tax rate will drop to 4.45 percent beginning Sunday, July 1 when the new bill takes ​effect.

House Bill 10 will enact the new rate in which .45 percent of sales tax will replace the current 1 percent.

The new tax rate will remain in place for seven years, ​ending in ​2025. This is a change from the intermittent budget fixes Louisiana has had over the past years.

These patchwork-like fixes are a result of the ​financial crisis the state was left with in the wake of former Gov. Bobby Jindal’s tenure.

Many lawmakers see this change as a mark of stability with a rather rocky legislature. “The fiscal cliff is now gone and we have predictability ahead of us​,​”​ Governor John Bel Edwards said.

Daniel Erspamer CEO of the Pelican Institute for Public Policy ​is not as

enthusiastic. “It​'s​ tough to watch our elected officials continue to choose the broken status quo rather than embrace the opportunity to truly stand up for our state's working families,​”​ he said.​

​Erspamer hopes this is a wake-up call for the fundamental changes needed to bring jobs and opportunity back to Louisiana."​

This new tax bill will raise an estimated $463 million for the budget that starts in July and about $500 million annually after that​," he said.​

The​ ongoing​ budget crisis has been at the forefront of Legislative discussions since Edwards took over.

​It has caused him to call seven special sessions of the state’s legislature since 2016.

The state’s shaky finances have raised concerns for higher education​ in Louisiana, the TOPS program and many other state-​run programs.

The new House Bill works to offer some security to these programs.