Louisiana House Bill HB491

Louisiana 2011 Regular Session

• Introduced: 4/25/11
• Refer: 4/25/11
• Report Pass: 5/17/11
• Engrossed: 5/24/11
• Refer: 5/25/11
• Report Pass: 6/13/11
• Enrolled: 6/20/11
• Chaptered: 6/29/11
• Passed: 6/29/11

Caption

Requires review of the tax exemption budget by legislative committees every odd-numbered year (EN NO IMPACT GF RV See Note)

Impact

By instituting regular hearings and analyses, HB 491 aims to improve the fiscal management of the state’s budget concerning tax exemptions. This could potentially lead to more informed decision-making regarding tax policies, enhancing scrutiny over exemptions that significantly impact state revenue. As the committees develop findings and recommendations, there may be a direct influence on future legislative actions related to tax policies and exemptions.

Summary

House Bill 491 introduces a mandate for the House Committee on Ways and Means and the Senate Committee on Revenue and Fiscal Affairs to conduct hearings on the state’s tax exemption budget every odd-numbered year. The bill specifically requires these committees to analyze tax exemptions that have resulted in revenue losses of ten million dollars or more within the last three fiscal years. This establishes a framework for increased legislative oversight and accountability concerning tax exemptions granted by the state of Louisiana.

Sentiment

The sentiment surrounding HB 491 is generally positive among supporters who view it as a proactive measure to ensure that tax exemptions are appropriately monitored and managed. Proponents assert that it will foster greater transparency and accountability in fiscal matters. However, there may also be concerns from various stakeholders regarding the implications of increased scrutiny on tax exemptions that benefit specific industries or sectors, illustrating a balanced debate on fiscal management.

Contention

Notable points of contention around the bill may center on the implications of greater legislative oversight over tax exemptions, particularly among businesses and organizations that benefit from such exemptions. Some may argue that increased scrutiny could hinder economic growth or deter investment, while others may advocate for the necessity of accountability to prevent revenue loss that can affect state budgets. The discussions may reflect a larger conversation about the balance between economic incentives and fiscal responsibility.