Talbot (HB 422) Act No. 387
Prior law required the Dept. of Economic Development (DED) to issue a unified economic
development budget report every two years. Required the report to be prepared by an
independent economist under contract with the division of administration. Required 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. Required the report to be certified by the Economic Estimating Conference,
the Revenue Estimating Conference, and the legislative fiscal office.
New law requires the report to be issued annually, instead of biennially and deleted other
prior law requirements.
Prior law required 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. New law changes prior law to require electronic submission to
members of the legislature and not just the chairs of the House and Senate commerce
committees.
Prior law required 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 agreed should be
included in the report.
New law provides that the report in each year shall include at least 25% of the economic
development programs within the Dept. of Economic Development. Each economic
development program within the department shall be included in the report at least once
every four years. New economic development programs created within the department shall
be included in the report not later than two years after the year of creation.
New law provides the report will contain the following information:
(1)A list of all state economic development programs within the Dept. of Economic
Development, including program title and statutory citation.
(2)A description of the economic development programs covered by the report,
including the purposes of the programs, qualifying businesses, type of incentive, and
how administered.
(3)For the immediately prior fiscal year, if it is the initial report and for all fiscal years
since the last report, or if it is a subsequent report of an economic development
program, based upon actual data to the extent available and upon estimates to the
extent actual data is not available:
(a)The amount of incentives issued.
(b)The administrative cost of the program.
(c)The number of permanent, new and retained, full-time and part-time
jobs, amount of associated payroll, amount of capital investment, and
any other economic benefit associated with utilization of the program.
(d)The economic impact of the program, including impact on state tax
revenues.
(e)The overall impact of the program.
(4)For the current and next fiscal year, estimates of:
(a)The amount of incentives issued.
(b)The administrative cost of the program. (c)The number of permanent, new and retained, full-time and part-time
jobs, amount of associated payroll, amount of capital investment, and
any other economic benefit associated with utilization of the program.
(d)The economic impact of the program, including impact on state tax
revenues
(e)The overall impact of the program.
New law repeals prior 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.
Effective August 1, 2013.
(Amends R.S. 51:935.1(A), (B), and (E)(1)(a) and (3); Repeals R.S. 51:935.1(C) and (D))