Requests the Senate Committee on Revenue and Fiscal Affairs to study the potential benefit of an economic tax incentive to vessel owners that purchase boats and barges built in the state and for those who domicile their vessel operations/home base within the state.
Impact
The resolution aims to encourage the construction of inland and coastal marine equipment within Louisiana, with an emphasis on creating jobs and attracting business investment. By studying the feasibility and implementation of tax incentives, the state seeks to maintain and attract both resident and non-resident business owners, thereby contributing to the overall economic development of the region.
Summary
Senate Resolution 197, sponsored by Senator Chabert, urges the Senate Committee on Revenue and Fiscal Affairs to conduct a study on the potential benefits of offering economic tax incentives to vessel owners who purchase boats and barges made in Louisiana, as well as those who establish their vessel operations within the state. The resolution reflects Louisiana's commitment to bolstering its business-friendly environment and fostering local ship-building industries, thereby promoting economic growth through business investment.
Sentiment
The sentiment surrounding SR197 is positive, as it is framed as a proactive measure to enhance the local economy. Supporters believe that providing tax incentives could potentially stimulate the ship-building industry in Louisiana, which has faced competition from manufacturers in other states and countries. However, the resolution does not outline any opposition or notable points of contention, indicating a largely supportive stance among legislators regarding the initiative.
Contention
While SR197 does not seem to present significant points of contention, the effectiveness of such economic incentives could be debated once specific legislation is proposed. It remains to be seen how such incentives would be structured, funded, and their long-term effects on the state's economy and specific industries. The call for a study implies that further analysis will be necessary to address these potential concerns and to ensure that any proposed benefits truly outweigh any fiscal implications.
Urges and Requests the chairmen of the House Committee on Ways and Means and the Senate Committee on Revenue and Fiscal Affairs to establish a joint subcommittee to study state tax incentives and rebates (EG INCREASE GF EX See Note)
Requests the House Committee on Ways and Means and Senate Committee on Revenue and Fiscal Affairs to study the cost and benefit to the state of tax credits authorized for insurance companies to invest their cash reserves in Louisiana banks and other investments
Requests the House Ways and Means and Senate Revenue and Fiscal Affairs Committees to study the fiscal impact and feasibility of eliminating state income taxes and the ad valorem tax assessed on certain inventories
Requests the Senate Committee on Judiciary B and the Senate Committee on Revenue and Fiscal Affairs to meet jointly to study iGaming and report study findings to the Louisiana Senate.
Requests the House Ways and Means and the Senate Revenue and Fiscal Affairs Committees to study the need to provide for ad valorem property tax relief for property owners who are serving in or have served in the military
Requests the House Ways and Means and Senate Revenue and Fiscal Affairs Committees to study the feasibility of establishing tax incentives for broadband providers that provide coverage to rural unserved areas in Louisiana
To support the national defense and economic security of the United States by supporting vessels, ports, and shipyards of the United States and the U.S. maritime workforce.
Urges and Requests the House Ways and Means and the Senate Revenue and Fiscal Affairs Committees to study the need to provide for enhanced ad valorem property tax relief for property owners serving in or retired from the military
Requests the Senate Committee on Revenue and Fiscal Affairs, the House Committee on Ways and Means, and the secretaries of the Department of Revenue and Natural Resources to meet as a special committee to study a reform of the income-reporting laws and the various exclusions, exemptions, credits, deductions, and other economic incentives granted by state law to large, multinational conglomerates which engage in offshore oil and gas exploration and production.
A bill to support the national defense and economic security of the United States by supporting vessels, ports, and shipyards of the United States and the U.S. maritime workforce.