Authorizes the state and local governing authorities to enter into a Cooperative Endeavor Agreement and Payment in Lieu of Tax Agreement with corporate taxpayers for certain transportation investments in exchange for future ad valorem property tax rebates (OR SEE FISC NOTE GF RV)
Impact
The impact of HB 1110 is significant as it establishes a framework under which local governments can collaborate with private corporations to boost transportation-related infrastructure. By allowing parishes to grant tax rebates tied to corporate investment in transportation, the bill seeks to enhance local revenue while fostering economic growth. This legislative approach may attract more corporate investments in essential infrastructure projects, which can subsequently create jobs and improve public services.
Summary
House Bill 1110 authorizes the state of Louisiana and local governing authorities to enter into Cooperative Endeavor Agreements and Payment in Lieu of Tax Agreements with corporate taxpayers. This legislation aims to incentivize corporate investment in transportation projects by offering future ad valorem property tax rebates in exchange for those investments. The bill's design allows local authorities and tax recipient bodies to grant tax rebates for future taxes owed, thus creating a potential financial benefit for both the corporations involved and the local economies.
Sentiment
The sentiment around HB 1110 appears supportive among stakeholders who view it as a means to promote economic development and investment in critical infrastructure. Proponents argue that the bill represents a strategic move to leverage private capital for public good, aligning business interests with community needs. However, potential concerns remain regarding the implications of tax rebates on local revenue and whether the agreements will adequately prioritize community interests over corporate benefits.
Contention
Notable points of contention regarding the bill may arise from concerns about the impacts of tax incentives on local taxation authority. Critics may argue that while the bill aims to stimulate investment, it could also burden local governments by diminishing their tax bases or limiting their ability to independently control tax revenues. Furthermore, ensuring transparency and accountability in the agreements established through the bill will be pivotal, as there is potential for misuse or uneven benefits among different parishes.
Authorizes state and local governing authorities to enter into cooperative endeavor agreements and provide for payments in lieu of taxes in exchange for certain transportation investments by public or private corporations (EG SEE FISC NOTE GF RV See Note)
Authorizes local taxing authorities to enter into cooperative endeavor agreements that provide for payments in lieu of taxes (OR SEE FISC NOTE LF RV See Note)
Authorizes local taxing authorities to enter into cooperative endeavor agreements that provide for payments in lieu of taxes (Item #28) (RE SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Authorizes local taxing authorities to enter into cooperative endeavor agreements for the purpose of authorizing payments in lieu of taxes (OR SEE FISC NOTE LF RV See Note)
Authorizes and provides for an ad valorem tax exemption that allows cooperative endeavor agreements between taxing authorities and non-residential property owners that require payments in lieu of ad valorem taxes (OR SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) To authorize local taxing authorities to enter into cooperative endeavor agreements for the purpose of payments in lieu of taxes (Item #28) (OR SEE FISC NOTE LF RV See Note)
Authorizes and provides for cooperative endeavor agreements between local governmental subdivisions and other entities that may require payments in lieu of ad valorem taxes (OR SEE FISC NOTE LF RV)
Authorizes local taxing authorities to enter into cooperative endeavor agreements that provide for stipulated tax payments. (See Act) (OR SEE FISC NOTE LF RV See Note)
Authorizes agreements between political subdivisions and taxpayers that may provide for certain payments in lieu of ad valorem taxes (Item #28) (RE SEE FISC NOTE LF RV See Note)
Authorizes state and local governing authorities to enter into cooperative endeavor agreements and provide for payments in lieu of taxes in exchange for certain transportation investments by public or private corporations (EG SEE FISC NOTE GF RV See Note)
Authorizes a contract or cooperative agreement between Iberia Parish and the Port of Iberia for the operation and management of the Acadiana Regional Airport and the Le Maire Memorial Airport. (gov sig) (OR NO IMPACT See Note)