Louisiana Senate Bill SB373

Louisiana 2018 Regular Session

• Introduced: 3/2/18
• Refer: 3/2/18
• Refer: 3/12/18
• Report Pass: 3/26/18
• Engrossed: 4/3/18
• Refer: 4/4/18
• Report Pass: 5/16/18
• Enrolled: 5/18/18
• Chaptered: 6/1/18
• Passed: 6/1/18

Caption

Provides for the required reporting of certain revenue, exemptions, credits, rebates in the tax exemption budget and on LaTrac. (8/1/18) (EN NO IMPACT See Note)

Impact

The enactment of SB 373 will significantly impact state laws surrounding financial reporting and transparency regarding tax exemptions. By mandating that data be publicly accessible, the bill seeks to ensure that taxpayers understand the extent of government financial support to businesses through tax incentives. This change is expected to facilitate scrutiny over tax exemption expenditures and encourage discussions about their effectiveness and fairness, particularly as they relate to state budget priorities and fiscal health.

Summary

Senate Bill 373 aims to enhance transparency and accountability regarding tax exemptions, credits, and rebates provided by the state of Louisiana. The bill amends existing regulations to require comprehensive reporting on the LaTrac website, or any subsequent platform that might replace it. This reporting will include information about the number of businesses benefiting from tax exemptions, their locations, and detailed financial data such as the total tax burden before and after exemptions. This initiative is designed to create a more informed public and promote responsible fiscal management within the state budget.

Sentiment

The sentiment toward SB 373 appears largely positive, with support coming from various stakeholders who advocate for increased transparency in government spending. Proponents argue that the public has a right to know how tax dollars are utilized and to what extent tax incentives benefit local economies. Critics, however, may express concerns about the potential administrative burden this reporting may impose on state agencies and businesses alike, though their presence in the discussion is less prominently noted.

Contention

While there appears to be general support for the underlying goals of SB 373, notable points of contention revolve around the details of the reporting requirements. Some stakeholders may argue about the practicality of collecting and providing such detailed information consistently, especially for smaller businesses. Additionally, there is the question of balancing public transparency with the need to protect sensitive business information. As such, the effective implementation of the bill will depend on careful consideration of these concerns.