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)]
HB 613 Original 2015 Regular Session Leger
Abstract: Five year phase-in of an ad valorem property tax exemption for items constituting
business inventory beginning in 2016.
Present constitution authorizes local governments to impose an ad valorem property tax upon
movable and immovable property within their jurisdictions.
Proposed constitutional amendment provides for a five year phase in (20% per year) of an exemption
from ad valorem property tax for items constituting business inventory. Such items include goods
which are held for sale, goods in production or for ultimate consumption in the production of goods
or services for sale, and goods utilized in marketing and distribution activities.
Effective Jan. 1, 2016, and is applicable to taxable years beginning on and after such date.
Provides for submission of the proposed amendment to the voters at the statewide election to be held
Oct. 24, 2015.
(Adds Const. Art. VII, ยง21(M))