Louisiana House Bill HB1086

Louisiana 2014 Regular Session

• Introduced: 3/31/14
• Refer: 4/1/14
• Report Pass: 4/14/14
• Engrossed: 4/23/14
• Refer: 4/24/14
• Report Pass: 5/12/14
• Enrolled: 5/19/14
• Chaptered: 5/28/14
• Passed: 5/28/14

Caption

Authorizes economic development districts or authorities to approve the creation of nonprofit economic development corporations

Impact

The impact of HB 1086 on state laws centers around expanding the definition of 'local governmental subdivision' to include economic development districts and authorities. This expansion allows these entities greater flexibility and autonomy in establishing nonprofit organizations dedicated to local economic initiatives. Consequently, it may lead to increased collaboration between state and local governments in addressing economic challenges and promoting regional development.

Summary

House Bill 1086, introduced by Representative Barras, aims to amend Louisiana's existing statutes related to nonprofit economic development corporations. The bill specifically provides definitions and authorizes economic development districts or authorities to approve the creation of these nonprofit corporations. This legislative change is intended to enhance the capacity of local government entities to foster economic growth and development within their jurisdictions.

Sentiment

General sentiment surrounding HB 1086 appears to be positive, particularly among proponents of economic growth and regional development. Supporters believe that the bill empowers local governments to better respond to their economic needs and fosters innovative local strategies for growth. However, some stakeholders may raise concerns regarding the potential for overlapping authorities or the effective governance of newly formed nonprofit corporations.

Contention

While the bill broadly received bipartisan support, notable points of contention may include discussions on the accountability and governance of nonprofit corporations created under this act. Critics may question how these entities will be managed and whether they could potentially divert public resources or lack transparency in their operations. Moreover, the implications for current economic development practices and existing nonprofit frameworks could also be areas for debate.