Provides for tax credits to landowners that require lessees of Louisiana property to use 100% biomass crop recovery for the term of the lease. (8/1/15) (OR DECREASE GF RV See Note)
Impact
The enactment of SB 281 would alter Louisiana's tax landscape, particularly for landowners engaged in agricultural leases. By granting tax credits, the state promotes not only the recovery of biomass waste but also encourages practices that could contribute to renewable energy sources. The financial incentive is expected to make it more attractive for landowners to require sustainable practices from their lessees, ultimately reinforcing state objectives surrounding environmental stewardship and energy efficiency.
Summary
Senate Bill 281, introduced by Senator Cortez, aims to incentivize landowners in Louisiana to practice biomass recovery by offering tax credits. Specifically, the bill provides a credit of $100 per acre for landowners whose lessees are required to recover 100% of the biomass waste produced from growing sugar cane. This initiative is intended to promote environmental sustainability and efficient land use, aligning with broader state efforts to improve ecological outcomes while potentially enhancing economic benefits for landowners involved in the sugar production industry.
Sentiment
The sentiment around SB 281 appears to be positive, particularly among stakeholders in the agricultural and environmental sectors. Proponents see the bill as a proactive measure that enhances sustainability efforts while providing economic relief to landowners. However, there may be concerns about the adequacy of the credit and its actual implementation in varied agricultural contexts. Thus, while overall support is evident, stakeholders are also mindful of the practical implications of the legislation.
Contention
Despite the generally favorable sentiment, there are aspects of contention surrounding the bill. Critics may argue that the tax credit, although beneficial, could lead to potential misuse if not properly monitored, raising questions about compliance among lessees regarding biomass recovery practices. Additionally, the effectiveness of the credit in genuinely encouraging biomass recovery rather than mere financial gain remains a point of debate among stakeholders. The discussions emphasize the balance between incentivizing environmental practices and ensuring that such incentives do not inadvertently disadvantage certain groups.
Provides tax credits for manufacturers to reduce the use of water from acquifers and other potable water sources. (gov sig) (OR DECREASE GF RV See Note)
Provides for the carry forward rather than the refund of a certain portion of the tax credits for ad valorem taxes paid to local governments (EN +$129,000,000 GF RV See Note)
Makes changes to both the Investor Tax Credit and the Import Export Cargo Credit of the Ports of Louisiana Tax Credit Program and provides a new termination date for the credit. (8/1/13) (OR DECREASE GF RV See Note)
Provides for a swap of refundable tax credits by establishing a system to terminate certain existing exemptions, exclusions, deductions, and credits to fund refundable credits for donations to higher education and health care. (7/1/15)