The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Curry Lann.
DIGEST
SB 350 Original 2020 Regular Session Ward
Proposed law creates a standard ad valorem tax exemption for capital investment projects.
Proposed law defines the terms board, department, and political subdivision.
Proposed law establishes an application for a standard ad valorem tax exemption and requires the
Board of Commerce and Industry hereinafter "board", to design and provide the application forms.
Proposed law further provides that the board shall review a standard ad valorem tax exemption and
upon approval by the board, the exemption applicant and the board shall enter into a cooperative
endeavor agreement evidencing the exemption.
Proposed law provides that the standard ad valorem tax exemption shall exempt up to 80% of the
project's property taxes for a term of 8 years.
Proposed law requires the board to provide the relevant political subdivisions with a copy of any
resolution adopted by the board approving the exemption and a copy of the cooperative endeavor
agreement.
Proposed law creates a local ad valorem tax exemption for capital investment projects.
Proposed law establishes an application for a local ad valorem tax exemption and requires the board,
to design and provide the application forms. Proposed law further provides that to be eligible for
the local exemption an application must have received final approval by the board for a standard
exemption.
Proposed law requires the application for a local exemption to be forwarded to the parish governing
authority of the parish in which the project is to be located, within 15 days of board approval. Within
three days of receipt, the parish governing authority shall forward the application to each political
subdivision that levies a millage in whose district the project will be located.
Proposed law requires the Dept. of Economic Development hereinafter "department" shall provide
the parish governing authority and all relevant political subdivisions an analysis of every proposed
project requesting an exemption in the parish.
Proposed law provides within 60 days of receipt each political subdivision shall review each project
application in conjunction with the department's analysis and issue a resolution, or a letter in the case
of a sheriff, approving or rejecting the application. During this time political subdivisions may hold
public meetings to receive public input. Proposed law provides that if the political subdivision approves the application, the political
subdivision and the applicant, with the assistance of the department, shall enter into a cooperative
endeavor agreement evidencing the exemption.
Proposed law further provides that the cooperative endeavor agreement for a local exemption shall
be for up to 100% of the property taxes of the project and for a term of not more than 15 years.
Proposed law requires that parish governing authority shall provide the board with a copy of the
executive cooperative endeavor agreement and a copy of any resolution or letter approving the local
exemption.
Proposed law creates an executive ad valorem tax exemption for capital investment projects.
Proposed law provides that the governor may offer any entity an executive exemption. The
exemption may be for up to 100% of the property taxes of the project and for a specific term to be
decided by the governor.
Proposed law provides that the board shall establish procedures requiring local approval prior to the
governor granting the exemption.
Proposed law requires the executive exemption be evidenced by a gubernatorial executive order
providing the terms and conditions of the exemption.
(Adds R.S. 47:1720 and 1721)