Establishes the La. Dividend Program within the Dept. of Treasury and provides for funding, administration, qualifications, and restrictions (RR SEE FISC NOTE SD EX)
Impact
The bill introduces a structured process for managing and distributing dividends from the Louisiana Dividend Fund, a special fund created to collect and disperse surplus mineral revenues. An essential requirement of the bill is that dividends can only be paid when the fund balance exceeds $400 million at the end of the qualifying year. Additionally, the program outlines various administrative duties that include promoting the program, assisting residents in application processes, and establishing rules for compliance with program requirements. These provisions may significantly alter the state's fiscal landscape in terms of how excess revenues are utilized and distributed.
Summary
House Bill 628 aims to establish the Louisiana Dividend Program within the Department of Treasury, designed to return a portion of the state's excess mineral revenues to qualifying Louisiana residents. This initiative is seen as a mechanism to incentivize residents to remain in the state by providing financial benefits stemming from surplus revenues not required for the ordinary expenses of government. The program will facilitate dividend payments to individuals who meet specific eligibility requirements, including age, residency, and compliance with federal regulations regarding military service.
Sentiment
Overall, there is a positive sentiment towards the implementation of the Louisiana Dividend Program as it presents an opportunity for direct financial assistance to citizens, particularly those in need. However, some skepticism remains regarding the long-term sustainability of the fund and whether the program can efficiently reach its intended recipients without administrative hurdles. Proponents highlight the bill's potential to bolster the state’s economy by keeping residents in Louisiana and fostering a sense of economic participation among citizens.
Contention
The implementation of HB 628 may raise questions about fairness in the distribution of dividends, particularly regarding the criteria for eligibility. Individuals with felony convictions or who have been incarcerated face restrictions that could preclude them from receiving dividends, which may generate criticism from civil rights advocates. Moreover, the bill allows the legislature significant discretion to redirect funds intended for dividends towards capital outlay projects if a concurrent resolution is passed, potentially affecting the intended focus on direct resident assistance.
Establishes a program to be administered by the La. Educational Television Authority for the purpose of encouraging reading for young children and creates a fund within the state treasury for the purpose of funding the program (EN SEE FISC NOTE SD EX See Note)
Creates and provides for a program to provide state funding for the education of students not enrolled in public school and expands the ability of parents to enroll children in the public school of their choice (RR INCREASE GF EX See Note)
Provides that once the balance in the Millennium Trust reaches $1.38 billion, 100% of the annual Tobacco Settlement Proceeds shall be dedicated to the TOPS program. (See Act) (EN SEE FISC NOTE GF EX See Note)
(Constitutional Amendment) Provides relative to the application of state monies to the unfunded accrued liability of the Teachers' Retirement System of La. (EN DECREASE SD RV See Note)
Constitutional amendment to provide that once the balance in the Millennium Trust reaches $1.38 billion, 100% of the annual Tobacco Settlement Proceeds shall be dedicated to the TOPS program. (2/3 - CA13s1(A)) (EN SEE FISC NOTE GF EX See Note)
(Constitutional Amendment) provides for the dedication of certain monies within the Millennium Trust for the TOPS program (RE SEE FISC NOTE GF EX See Note)