2019 Regular Session ENROLLED
SENATE BILL NO. 33
BY SENATORS THOMPSON AND W ALSWORTH
1 AN ACT
2 To amend and reenact R.S. 33:9033, relative to tax increment financing; to provide for
3 exceptions to the use of state tax increments for the expansion of certain projects;
4 and to provide for related matters.
5 Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 33:9033 is hereby amended and reenacted to read as follows:
7 ยง9033. Sales tax increment financing
8 A. A local governmental subdivision may issue revenue bonds payable
9 solely from an irrevocable pledge and dedication of up to the full amount of sales tax
10 increments, in an amount to be determined by the local governmental subdivision,
11 to finance or refinance an economic development project or any part thereof or to
12 pay all or a portion of the costs of an economic development project as specified in
13 R.S. 33:9035. A sales tax increment shall consist of that portion of sales tax revenues
14 for any or all taxing authorities, except for the state of Louisiana and any political
15 subdivision whose boundaries are coterminous with the state of Louisiana, collected
16 each year on the sale at retail, the use, the lease or rental, the consumption and
17 storage for use or consumption of tangible personal property, and on sales of
18 services, all as defined in R.S. 47:301 et seq., or any other appropriate provision or
19 provisions of law as amended, from taxpayers located within an economic
20 development area which exceeds the sales tax revenues that were collected for such
21 taxing authority in the year immediately prior to the year in which the area was
22 designated as an economic development area. Dedication of sales tax increments to
23 pay the revenue bonds shall not impair existing obligations and shall not include tax
24 revenues previously dedicated for a special purpose.
ACT No. 405
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 33 ENROLLED
1 B. Notwithstanding the provisions of Subsection A of this Section, the
2 prohibition regarding the use of state sales tax increments for purposes of sales
3 tax increment financing shall not apply to:
4 (1) An economic development project that was approved by the Joint
5 Legislative Committee on the Budget before April 1, 1995, or any expansion of
6 the project scope or extension of the use of the state sales tax for such economic
7 development project.
8 (2) An economic development program that was acted upon by
9 resolution or ordinance of a local governmental subdivision before June 1, 1995,
10 and submitted for approval in writing to the Joint Legislative Committee on the
11 Budget before July 1, 1995, or any expansion of the project scope or extension
12 of the use of the state sales tax for such economic development program.
13 (3) Any expansion of the project scope or extension of the use of the state
14 sales tax for an economic development project or program for which the
15 cooperative endeavor agreement initially authorizing the state sales tax
16 increment was executed before July 1, 1997, and did not expire on or before
17 August 1, 2019, provided that the state sales tax increment shall not be extended
18 beyond December 31, 2033.
19 Section 2. This Act shall not supercede the provisions of Act 435 of the 2006
20 Regular Session of the Legislature.
PRESIDENT OF THE SENATE
SPEAKER OF THE HOUSE OF REPRESENTATIVES
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.