Requires the Department of Economic Development to include certain details about pending mega-project deals on its website
Impact
The introduction of HB 965 is expected to alter the landscape of state economic development by ensuring that substantial financial commitments to mega-projects are publicly accessible. This move may foster public trust and allow stakeholders, including local communities, to engage more effectively in the economic development process. By requiring the publication of information regarding potential mega-projects, the bill indirectly encourages the Louisiana government to be more cautious and deliberate in its decision-making regarding business subsidies.
Summary
House Bill 965 mandates that the Louisiana Department of Economic Development (LED) publish detailed information about pending mega-projects on its website. This includes specifics about the parishes being considered for the project's location and the nature of the business receiving subsidies. The bill aims to enhance transparency and accountability concerning state support for large-scale business ventures, providing citizens with insight into the economic decisions being made on their behalf.
Sentiment
General sentiment towards HB 965 appears to be favorable, with advocates highlighting the bill's potential to improve governmental oversight and transparency. Supporters argue that informed citizens can facilitate more productive discussions surrounding state-funded initiatives. Critics, however, may express concern over whether simply publishing information will lead to meaningful public engagement or action.
Contention
Notable points of contention regarding HB 965 may emerge from discussions about how 'mega-projects' are defined and the implications of publicly disclosing details about pending projects. Some may argue that there could be economic risks if competitive information about projects is shared too freely. Furthermore, the bill raises questions about the balance between encouraging economic growth through subsidies and maintaining vigilance against potential misuse of taxpayer funds.
Requires the Dept. of Economic Development to publish legal agreements, reports, and economic analyses, including project expenditures, regarding each Mega-Project Development Fund and Rapid Response Fund project (EN NO IMPACT GF EX See Note)
Requires economic impact and performance information in reports to the legislature regarding Mega-Project Development Fund and Rapid Response Fund projects
Authorizes the secretary of the Department of Economic Development to grant a Louisiana Mega Project Energy Assistance Rebate of severance taxes that were paid on natural gas consumed or used directly in the operation of the mega-project facility or consumed indirectly in the manufacture or creation of energy sold to the mega-project facility for its operation. (7/1/10) (EN DECREASE GF RV See Note)
Provides for changes to reporting requirements of the Department of Economic Development and the Economic Development Corporation (EN NO IMPACT GF EX See Note)
Exempts certain research and development tax credit recipients from detailed examinations by the Department of Economic Development (EN SEE FISC NOTE GF EX See Note)
Authorizes the Department of Economic Development to grant up to $5 million of rebates per calendar year at the rate of 35% of an investor's investment in "Louisiana Entrepreneurial Business," not to exceed $1 million per year per business and $2 million total per business and requires the Louisiana Mega-Project Development Fund to be reduced each fiscal year by an amount which equals the rebates granted. (gov sig) (REF DECREASE GF RV See Note)