SLS 20RS-180 ORIGINAL
2020 Regular Session
SENATE BILL NO. 185
BY SENATOR HARRIS
ECONOMIC DEVELOPMENT. Provides relative to projects participating in both the
federal Opportunity Zones and Restoration Abatement programs. (gov sig)
1 AN ACT
2 To amend and reenact R.S. 47:4315(A)(6), relative to the restoration tax abatement program;
3 and to provide for related matters.
4 Be it enacted by the Legislature of Louisiana:
5 Section 1. R.S. 47:4315(A)(6) is hereby amended and reenacted to read as follows:
6 ยง4315. Requirements for exemption
7 A. A contract of exemption from taxation may be entered into by the board
8 under this Chapter only if each of the following requirements are met:
9 * * *
10 (6) In For projects participating in the federal opportunity zones
11 program, in addition to requirements and rules and regulations established pursuant
12 to this Chapter, the expansion, restoration, improvement, or development of a
13 structure in a federally designated opportunity zone shall also be required to meet the
14 requirements for investments under the provisions of 26 U.S.C. 1400Z-1, 1400Z-2,
15 and federal regulations relative to opportunity zones.
16 * * *
17 Section 2. This Act shall become effective upon signature by the governor or, if not
Page 1 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 185
SLS 20RS-180 ORIGINAL
1 signed by the governor, upon expiration of the time for bills to become law without signature
2 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
3 vetoed by the governor and subsequently approved by the legislature, this Act shall become
4 effective on the day following such approval.
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Leonore Heavey.
DIGEST
SB 185 Original 2020 Regular Session Harris
Present law provides for the restoration tax abatement program under which developers can
apply to the Board of Commerce and Industry for a property tax abatement if they are
developing an underutilized property, and, if granted, the property will retain its
pre-development ad valorem tax value for five years after development.
Present law provides that projects located within federal Opportunity Zones may participate
in the restoration tax abatement program.
Proposed law requires that any projects that are eligible for a restoration tax abatement
because of the federal Opportunity Zone program must follow the federal Opportunity Zone
program rules in addition to meeting all other qualifications required for the abatement
program.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Amends R.S. 47:4315(A)(6))
Page 2 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.