Requests the Senate Committee on Revenue and Fiscal Affairs, the House Committee on Ways and Means, and the secretaries of the Department of Revenue and Natural Resources to meet as a special committee to study a reform of the income-reporting laws and the various exclusions, exemptions, credits, deductions, and other economic incentives granted by state law to large, multinational conglomerates which engage in offshore oil and gas exploration and production.
Impact
If adopted, SCR93 could lead to significant changes in state laws related to taxation and accountability for environmental damages caused by offshore oil drilling. The resolution highlights concerns regarding the inadequacies in the current income reporting system that allows companies to shelter profits. Additionally, there is a strong emphasis on reforming tax exclusions, exemptions, and other incentives that could be deemed harmful to Louisiana's economy and environmental integrity.
Summary
SCR93 is a Senate Concurrent Resolution introduced by Senator Peterson, aimed at addressing the accountability of large multinational corporations engaged in offshore oil and gas exploration and production. The resolution calls for a special legislative committee comprising the Senate Committee on Revenue and Fiscal Affairs, the House Committee on Ways and Means, and the secretaries of the Departments of Revenue and Natural Resources. Its purpose is to study and reform the existing income-reporting laws along with various economic incentives that are currently benefiting these corporations.
Sentiment
The sentiment surrounding SCR93 appears to be one of urgency and concern, particularly in light of the catastrophic consequences from past oil spills. Many legislators and community advocates are likely to support the resolution as a necessary measure to ensure that corporations bear the financial responsibility for environmental disasters. However, there may also be contention among those who oppose potential tax reforms that could impact business operations in the state, fearing it might discourage future investments.
Contention
Noteworthy points of contention regarding the resolution center around the balance between encouraging economic development and enforcing environmental accountability. There is apprehension that imposing stricter regulations or altering tax benefits for these corporations might lead to a reduction in offshore investment, which is crucial for Louisiana’s economy. This conflict reflects a broader debate on how best to manage the relationship between corporate interests and community welfare, especially in regions heavily reliant on the oil industry.
Urges and requests the House Committee on Ways and Means and the Senate Committee on Revenue and Fiscal Affairs to review the goals and purposes of various tax exemptions, credits, and deductions
Urges and Requests the chairmen of the House Committee on Ways and Means and the Senate Committee on Revenue and Fiscal Affairs to establish a joint subcommittee to study state tax incentives and rebates (EG INCREASE GF EX See Note)
Requires the House Committee on Ways and Means and the Senate Committee on Revenue and Fiscal Affairs to study tax expenditures currently authorized by law
Urges and requests the House Committee on Ways and Means and the Senate Committee on Revenue and Fiscal Affairs to consider changes to the excess federal itemized deduction
Requests the House Ways and Means and Senate Revenue and Fiscal Affairs Committees to study the fiscal impact and feasibility of eliminating state income taxes and the ad valorem tax assessed on certain inventories
Requests the House Committee on Ways and Means and Senate Committee on Revenue and Fiscal Affairs to study the cost and benefit to the state of tax credits authorized for insurance companies to invest their cash reserves in Louisiana banks and other investments
Requests the House Ways and Means and the Senate Revenue and Fiscal Affairs Committees to study the feasibility of funding the ad valorem property taxes levied on business inventories
Requests the House Committee on Ways and Means and the Senate Committee on Revenue and Fiscal Affairs to study the effects of a sales and use tax exemption for feminine hygiene products and diapers
Urges and Requests the House Ways and Means and the Senate Revenue and Fiscal Affairs Committees to study alternative funding sources to fund nonstate entity projects in the capital outlay program
Urges and Requests the House Ways and Means and the Senate Revenue and Fiscal Affairs Committees to study alternative funding sources to fund nonstate entity projects in the capital outlay program
Campaign finance: contributions and expenditures; provision related to officeholders raising funds when facing a recall; modify, and require candidate to establish a separate account used for recall purposes. Amends secs. 3, 11, 12, 21, 24 & 52 of 1976 PA 388 (MCL 169.203 et seq.) & adds sec. 21b.
Campaign finance: contributions and expenditures; funds donated to a candidate for recall efforts; require candidate to establish a separate account used for recall purposes. Amends secs. 3, 11, 12, 21, 24 & 52 of 1976 PA 388 (MCL 169.203 et seq.) & adds sec. 21b.
A concurrent resolution recognizing wild rice as sacred and central to the culture and health of Indigenous Peoples in Minnesota and critical to the health and identity of all Minnesota citizens and ecosystems and establishing a commitment to passing legislation to protect wild rice and the freshwater resources upon which it depends.