Constitutional amendment to establish an ad valorem tax exemption for property subject to a cooperative endeavor agreement requiring the property owner to make payments in lieu of taxes. (2/3 - CA13s1(A)) (EN SEE FISC NOTE LF RV See Note)
Impact
If enacted, SB272 would modify the existing framework of property tax exemptions permitted in Louisiana. It would create a new category of exemption specifically for properties linked to cooperative agreements. As a result, local governments would gain the authority to negotiate tax incentives tailored to attract and retain manufacturing activity. This could potentially enhance economic development efforts across the state, particularly in areas seeking new jobs and investments.
Summary
Senate Bill 272 proposes an amendment to the Louisiana Constitution that would establish ad valorem property tax exemptions for certain properties under cooperative endeavor agreements. Specifically, the bill aims to benefit new manufacturing establishments or expansions of existing ones by allowing local governments to enter into agreements that require payments in lieu of taxes. This change is intended to incentivize manufacturing growth within the state by easing the tax burden on new investments.
Sentiment
The sentiment surrounding SB272 appears to be generally supportive among legislators, especially those keen on economic growth and job creation. The bill was passed with strong support, indicating a favorable view of its objectives. However, there may be concerns from some stakeholders regarding the implications of tax exemptions on local government revenue and the equitable treatment of existing businesses versus new entrants into the market.
Contention
While SB272 has garnered considerable support, there may be contention regarding how its implementation could affect local tax revenues. Critics may argue that providing exemptions to new manufacturers could undermine funding for essential public services financed by property taxes. Additionally, there may be concerns about the criteria established for these cooperative agreements and whether they fairly distribute benefits across all local businesses, potentially leading to calls for further regulatory oversight.
(Constitutional Amendment) Establishes an ad valorem tax exemption for property subject to a cooperative endeavor agreement requiring the property owner to make payments in lieu of taxes (RR SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Establishes an ad valorem tax exemption for property subject to a cooperative endeavor agreement requiring the property owner to make payments in lieu of taxes (OR SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Establishes an ad valorem tax exemption for property subject to a cooperative endeavor agreement requiring the property owner make payments in lieu of taxes (RR SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Establishes an ad valorem tax exemption for certain property subject to a cooperative endeavor agreement requiring the property owner to make payments in lieu of taxes (Item #28) (OR SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Establishes an ad valorem tax exemption for certain property subject to a cooperative endeavor agreement requiring the property owner to make payments in lieu of taxes (OR SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Establishes an ad valorem tax exemption for capital investment projects and for certain property subject to a cooperative endeavor agreement requiring the property owner to make payments in lieu of taxes (Item #28) (EG SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Establishes an ad valorem tax exemption for property subject to a cooperative endeavor agreement that requires the property owner to make payments in lieu of taxes (OR SEE FISC NOTE LF RV See Note)
Constitutional amendment to authorize local taxing authorities to enter into cooperative endeavor agreements to negotiate stipulated tax payments of ad valorem taxes. (2/3-CA13s1(A)) (OR SEE FISC NOTE LF RV)
(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)
(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)