Provides for the Department of Economic Development. (gov sig) (EN SEE FISC NOTE See Note)
Impact
SB494 significantly revises the responsibilities and operational framework of Louisiana Economic Development, allowing for a more coordinated approach to economic initiatives. The bill grants the secretary of the department enhanced authority to leverage federal and private funding, develop a comprehensive strategic plan, and implement programs aimed at fostering economic growth. Additionally, the bill mandates the establishment of a transition plan by the department to modernize its procurement processes, which will facilitate more efficient resource management.
Summary
Senate Bill No. 494 amends and reenacts several provisions related to the Department of Economic Development in Louisiana, formally establishing Louisiana Economic Development as a corporate entity with the capability to sue and be sued. It updates the governance structure of the department by detailing the powers, duties, and organization of its secretary, as well as the establishment of an advisory committee responsible for advising on economic development policies. This restructuring aims to enhance the effectiveness and responsiveness of Louisiana's economic development initiatives.
Sentiment
The discussion around SB494 indicates a generally positive sentiment towards the measure, particularly among business and economic officials who see it as a progressive step to enhance economic growth in Louisiana. Supporters argue that the formalization of the Louisiana Economic Development's structure will empower the state to attract and manage economic resources effectively. However, there are concerns among critics regarding the bill's implications on state governance and the potential for centralization of power in economic decisions, undermining local input in economic development strategies.
Contention
Key points of contention include the balance of power between local and state economic authorities, as some fear that the centralization of economic development processes may diminish opportunities for localized economic strategies. Moreover, the provisions for funding distribution raise questions on the priorities of economic initiatives and the adequacy of support for small businesses and underserved communities. There is a palpable tension in the discussions about ensuring that economic development does not come at the cost of diminished community engagement and tailored local solutions.
Create the office of port development within the Department of Economic Development and create a port development advisory committee. (gov sig) (EN INCREASE GF EX See Note)
Authorizes the creation of cooperative economic development districts affiliated with Southern University and Louisiana State University in East Baton Rouge Parish. (gov sig) (EN SEE FISC NOTE GF RV See Note)
Exempts certain research and development tax credit recipients from detailed examinations by the Department of Economic Development (EN SEE FISC NOTE GF EX See Note)
Provides relative to contracts awarded to socially and economically disadvantaged businesses in the city of New Orleans (EN SEE FISC NOTE LF EX See Note)
Creates the North Lake Charles Economic Development District and provides relative to the Southside Economic Development District of the City of Monroe
Changes the Louisiana Chapter of the National Multiple Sclerosis Society to the National Multiple Sclerosis Society as an entity to which donations may be made on individual tax returns. (8/1/14) (EN NO IMPACT GF RV See Note)
Creates individual income tax checkoffs for The Louisiana Association for the Blind, the Louisiana Center for the Blind, and Affiliated Blind of Louisiana, Inc. (EN NO IMPACT GF RV See Note)
Creates an individual income tax return checkoff for donations to the La. Chapter of the National Multiple Sclerosis Society (EN INCREASE GF EX See Note)
Establishes the Future of Louisiana Program and provides for the administration of, distributions from, and qualifications for such program (OR -$140,000,000 GF RV See Note)