Loading chat...
LA HB366
Bill
Status
Passed
6/13/2025
Primary Sponsor
Daryl Deshotel
Click for details
AI Summary
- Allows parishes to fully or partially exempt business inventory from ad valorem (property) taxes if the sheriff, school board, and parish governing authority all agree to the exemption
- Creates a new property classification for railroad company public service property (excluding land) at 15% of fair market value, reduced from the standard 25% for other public service properties
- Adds "business inventory" as a distinct property classification assessed at 15% of fair market value
- Provides a one-time payment from the Revenue Stabilization Trust Fund to parishes that irrevocably exempt all business inventory, distributed pro rata to local taxing authorities within 30 days of certification
- Prohibits the legislature from mandating any taxing authority to exempt business inventory, preserving local control over the decision
- Requires voter approval at the April 18, 2026 statewide election, with provisions effective for tax years beginning January 1, 2026
Legislative Description
(Constitutional Amendment) Authorizes parishes to exempt business inventory from ad valorem taxes and authorizes parishes to reduce the percentage of fair market value applicable to business inventory (EN SEE FISC NOTE GF EX See Note)
TAX/AD VALOREM TAX
Last Action
Effective date: See Act.
6/13/2025
Committee Referrals
Revenue & Fiscal Affairs5/8/2025
Civil Law and Procedure4/15/2025
Ways and Means4/3/2025
Full Bill Text
No bill text available