RÉSUMÉ DIGEST
ACT 77 (HB 285) 2023 Regular Session Turner
Existing law authorizes local governmental subdivisions to issue revenue bonds payable
solely from an irrevocable pledge and dedication of up to the full amount of sales tax
increments to finance economic development projects within economic development areas
designated in accordance with existing law. Provides that such tax increments include
portions of sales taxes imposed by all taxing authorities, except for the state and any political
subdivision with boundaries coterminous with the state, and paid by taxpayers in the
designated economic development area. Stipulates, however, that the use of state sales tax
increments for such tax increment financing is allowed in limited circumstances enumerated
in existing law.
Prior law allowed the use of state sales tax increments in tax increment financing for an
expansion of a local economic development project's scope or extension of the use of the
state sales tax for an economic development project or program for which the cooperative
endeavor agreement initially authorizing the state sales tax increment was executed before
July 1, 1997, and did not expire on or before Aug. 1, 2019. Prior law prohibited the
extension of the state sales tax increment beyond Dec. 31, 2033, for such project or program.
New law allows the use of state sales tax increments in tax increment financing for an
expansion of a local economic development project's scope or extension of the use of the
state sales tax for an economic development project or program for which the state sales tax
increment was initially authorized and approved by the Joint Legislative Committee on the
Budget (JLCB) before July 1, 1997, and, as expanded or extended through subsequent
approvals by JLCB, did not expire on or before Aug. 1, 2019. New law also changes the date
through which the state sales tax increment may be extended for such project or program
from Dec. 31, 2033, to Dec. 31, 2048.
Effective August 1, 2023.
(Amends R.S. 33:9033(B)(3))