Defines "economic development project" for purposes of a late approval recommendation from the secretary of the Dept. of Economic Development (EN NO IMPACT GF EX See Note)
As a consequence of this bill, funding for all projects included in the capital outlay budget will relate specifically to those categorized as economic development projects, effective from July 1, 2018. This marks a significant shift in how state resources may be allocated, focusing on endeavors that tie directly to job creation and business support, hence potentially influencing the economic landscape of Louisiana by fostering a more business-friendly environment.
House Bill 146 aims to amend the existing capital outlay process within Louisiana law by providing a definition for 'economic development project.' The bill outlines that these projects could include recruitment or retention initiatives undertaken by the Department of Economic Development or other public entities, specifically targeting improvements on publicly owned property. This legislation emphasizes the importance of supporting business operations that benefit Louisiana's economy by directly linking funding to projects that create or maintain employment opportunities.
The general sentiment around HB 146 appears to be positive, particularly among legislators who view it as an essential tool for bolstering Louisiana's economic growth through strategic investment in public projects. The unanimous support during voting, with an 84-0 outcome in the House, highlights bipartisan agreement on the intentions behind the bill, suggesting a collaborative effort to enhance the state’s economic health.
Notable points of contention regarding HB 146 could arise from how 'economic development projects' are defined and the discretion afforded to state officials in determining which projects receive funding. Critics might raise concerns about transparency and equitable access to public resources, particularly regarding whether certain areas or projects might unduly benefit from this classification at the expense of others. However, as of the voting outcome, such points have not significantly impeded the legislation's progress.