Louisiana 2023 Regular Session

Louisiana House Bill HB255

Introduced
3/28/23  
Introduced
3/28/23  
Refer
3/28/23  
Refer
3/28/23  
Refer
4/10/23  
Refer
4/10/23  
Report Pass
5/17/23  
Report Pass
5/17/23  
Engrossed
5/24/23  
Engrossed
5/24/23  
Refer
5/25/23  
Refer
5/25/23  
Report Pass
5/29/23  
Report Pass
5/29/23  
Enrolled
6/5/23  
Enrolled
6/5/23  
Chaptered
6/15/23  
Chaptered
6/15/23  

Caption

Establishes a tax credit for restaurants that recycle oyster shells (EN DECREASE GF RV See Note)

Impact

The bill's impact will be notable as it establishes a new avenue for local economic development while also promoting environmental stewardship. By incentivizing the recycling of oyster shells, restaurants can participate directly in efforts to enhance local ecosystems. This initiative not only helps reduce waste but also supports coastal restoration efforts in Louisiana, aligning with broader goals of environmental sustainability. The Department of Revenue will oversee the credit’s implementation, collaborating with the Department of Wildlife and Fisheries to ensure effective administration and compliance with the established rules.

Summary

House Bill 255 introduces a refundable tax credit for Louisiana restaurants that participate in the recycling of oyster shells. The main aim of this bill is to encourage restaurants to donate oyster shells to designated recycling programs, thereby diverting waste from landfills and facilitating the beneficial use of these shells in improving water quality and supporting aquatic habitats. By providing a financial incentive, the bill ultimately aims to bolster local economies and contribute to the protection of Louisiana's coastline. Eligible restaurants can receive a tax credit calculated at one dollar for every fifty pounds of shells donated, with an annual cap set at $100,000 for the credits awarded.

Sentiment

The sentiment surrounding HB 255 appears generally positive, particularly among stakeholders focused on environmental issues and sustainable practices. Supporters of the bill, including various environmental advocacy groups and local business representatives, praise it as a progressive step toward decreasing landfill waste and improving coastal health. However, the implementation of such tax credits can always spark debates regarding state budget impacts and the allocation of funds, though it seems that the bill has garnered sufficient support to move forward without major opposition.

Contention

While the general reception has been favorable, some critics may raise concerns about the first-come, first-served nature of the tax credit distribution. This approach could potentially disadvantage smaller restaurants that may lack the resources to immediately take advantage of the credit. Moreover, the limitations on total credits granted each year may create a competitive environment where only a limited number of restaurants benefit from the program, which could lead to calls for adjustments in how the scheme operates in future legislative sessions.

Companion Bills

No companion bills found.

Previously Filed As

LA HB637

Establishes a tax credit for businesses that invest in certain school programs (OR DECREASE GF RV See Note)

LA SB44

Provides relative to the transfer and refundability of certain income tax credits. (gov sig) (RE INCREASE GF RV See Note)

LA HB617

Establishes the Life Sciences Investment Tax Credit Program which consists of a Life Sciences Investment Tax Credit and a Life Sciences FDA Medical Device User Fee tax credit (OR DECREASE GF RV See Note)

LA HB2

Provides for a flat rate for purposes of calculating corporate income tax and terminates certain corporate income tax exemptions, deductions, and credits (Item #4) (EN SEE FISC NOTE RV See Note)

LA SB88

Establishes an employer supported maternal healthcare tax credit. (gov sig) (EG -$2,500,000 GF RV See Note)

LA HB614

Establishes the Louisiana Onshore and Offshore Packaged Fire Safety Equipment Income Tax Credit program (OR -$50,000,000 GF RV See Note)

LA HB626

Establishes a tax credit for workers who commute to out-of-state sites for certain jobs that had formerly been located in Louisiana (OR DECREASE GF RV See Note)

LA HB452

Establishes a tax credit for the development of certain affordable housing projects (EG1 -$1,700,000 GF RV See Note)

LA HB52

Establishes an individual income tax credit for volunteer firefighters (OR DECREASE GF RV See Note)

LA HB154

Establishes an income tax exemption for certain veteran-owned businesses (OR DECREASE GF RV See Note)

Similar Bills

No similar bills found.