DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of
the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of
the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Talbot HB No. 422
Abstract: Requires the unified economic development budget report to be annual instead of
biennial, requires that all members of the legislature receive the report and makes other
changes to simplify the process for reporting.
Present law requires the Dept. of Economic Development (DED) to issue a unified economic
development budget report every two years. Requires the report to be prepared by an
independent economist under contract with the division of administration. Requires the
methodologies and assumptions of the report to be developed in consultation with the Economic
Estimating Conference, the Revenue Estimating Conference, the legislative auditor, the
legislative fiscal office, DED, the Dept. of Revenue and the La. Workforce Commission.
Requires the report to be certified by the Economic Estimating Conference, the Revenue
Estimating Conference, and the legislative fiscal office. Proposed law requires the report to be
issued annually, instead of biennially and deletes all other present law requirements.
Present law requires the report to be submitted to the governor, the president of the Senate, the
speaker of the House, the chairs of the House and Senate commerce committees, and the
legislative research library. Proposed law changes present law submission requirement to
include every member of the legislature and not just the chairs of the House and Senate
commerce committees.
Present law requires the report to include various pieces of information, including a complete
listing of each state economic development program and the tax revenues generated by
employers participating in the programs that the division of administration agrees should be
included in the report. Proposed law retains present law except removes need for the list or
information to be agreed upon by the division of administration.
Proposed law repeals present law requirement that the report classify the performance data
according to three digit North American Industrial Classification System Codes and categorize
by DED Vision 2020 clusters.
(Amends R.S. 51:935.1(A), (B)(1), (4)(intro. para.), (b), and (e), and (5), (D), and (E)(1)(a) and
(3); Repeals R.S. 51:935.1(C))