Louisiana House Bill HB592

Louisiana 2011 Regular Session

• Introduced: 4/25/11
• Refer: 4/26/11
• Report Pass: 5/10/11
• Engrossed: 5/17/11
• Refer: 5/18/11
• Report Pass: 6/6/11
• Enrolled: 6/15/11
• Chaptered: 6/20/11
• Passed: 6/20/11

Caption

Extends the period in which new applications for tax benefits pursuant to the Atchafalaya Trace Heritage Area Development Zone may be approved (EN -$8,400 GF RV See Note)

Impact

If enacted, HB 592 would significantly impact the economic landscape of the Atchafalaya Trace region by providing businesses with an extended timeframe to secure tax benefits. This change could incentivize more businesses to establish or expand their operations in the area, ultimately leading to job creation and increased economic activity. The continued availability of tax exemptions is seen as a vital tool for attracting investments and enhancing the competitiveness of the local economy.

Summary

House Bill 592 aims to amend existing laws related to tax exemptions and credits within the Atchafalaya Trace Heritage Area Development Zone. Specifically, the bill proposes an extension of the period during which new applications for these tax benefits can be approved. By allowing businesses more time to apply for and receive tax exemptions, the bill is designed to encourage economic growth and development in the designated area, fostering an environment conducive to business operations and investment.

Sentiment

The sentiment surrounding HB 592 appears largely positive, with support from legislators who view the extension of tax benefit applications as a necessary move to promote economic development. There is a general consensus among supporters that such measures can reduce the financial burden on businesses and encourage them to take advantage of available incentives. However, there may also be concerns from some quarters regarding the long-term sustainability of such tax benefits and their impact on state revenues.

Contention

Notable points of contention might revolve around the implications of extending the application period for tax benefits. While proponents argue that this will stimulate economic development, critics may raise concerns about potential abuse of tax exemptions or the long-term fiscal impacts on state funding. The balance between fostering economic growth and ensuring responsible fiscal management will be a crucial aspect of the discussion surrounding HB 592.