Expands the Louisiana New Markets Jobs Act tax credit to certain recovery zones. (gov sig) (Item #65) (EN NO IMPACT GF RV See Note)
Impact
If passed, SB 14 would modify existing tax laws to broaden the eligibility of businesses that qualify for tax credits under the New Markets Jobs Act. This change is expected to facilitate additional financial assistance to businesses in designated recovery zones, primarily those located in rural areas or owned by underrepresented groups, such as women and minorities. The legislation aims to encourage investment in these communities, thereby stimulating local economies and helping them bounce back from the economic setbacks caused by the hurricane.
Summary
Senate Bill 14 seeks to amend the Louisiana New Markets Jobs Act by expanding its tax credit provisions to specifically include businesses affected by Hurricane Laura. By incorporating these businesses into the eligible category of 'qualified active low-income community businesses,' the bill aims to catalyze economic recovery in regions that were severely impacted by the disaster. This expansion signals a targeted effort to foster growth and sustainability in communities that are emerging from the crisis, thereby enabling them to rebuild and prosper amidst ongoing challenges.
Sentiment
Sentiment around SB 14 appears generally supportive, especially among members representing areas affected by Hurricane Laura. Proponents argue that the bill is a necessary measure to provide economic relief and support local businesses in recovery zones. However, some could express concerns about ensuring that the tax credits are effectively targeted and that existing businesses do not find themselves in competition for the benefits with larger enterprises.
Contention
While the overall sentiment may lean positive, some points of contention may arise regarding the proper implementation of the tax credits and the criteria for determining which businesses qualify under the amended definitions. Moreover, stakeholders might debate whether these incentives will genuinely lead to sustainable economic growth or if they may inadvertently favor certain businesses over others, raising fairness concerns within the local business ecosystem.
Requests that the Bd. of Regents and the State Bd. of Elementary and Secondary Education, with the Taylor Foundation, La. Office of Student Financial Assistance, public postsecondary education management boards, and certain others, study certain issues relative to TOPS
Requests the Louisiana Workforce Commission and the Louisiana Department of Veterans Affairs to study employment practices and professional licensing requirements to benefit veterans in the workforce
Creates a task force to study meaningful oversight of the professional healthcare licensing boards statutorily created within the Department of Health and Hospitals.