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LA HB599
Bill
Status
4/4/2025
Primary Sponsor
Julie Emerson
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AI Summary
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Restructures the Budget Stabilization Fund by removing mineral revenue deposits above $950 million and increasing the fund's cap from 4% to 7.5% of total state revenue receipts for the previous fiscal year
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Converts the Revenue Stabilization Trust Fund to a "Revenue Stabilization Fund" that can only be used when corporate income tax collections fall below $800 million, with the fund scheduled to be repealed July 1, 2029 and remaining balances transferred to the general fund
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Requires $25 million annually in mineral revenues to be deposited into the Coastal Protection and Restoration Fund, adjusted for inflation using the Consumer Price Index
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Repeals the Mineral Revenue Audit and Settlement Fund and eliminates mineral revenue dedications to the Transportation Trust Fund, Louisiana State Employees' Retirement System, and Teachers' Retirement System
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Directs the state treasurer to transfer funds from the Revenue Stabilization Fund to the Budget Stabilization Fund to bring the balance to the new 7.5% cap, contingent on voter approval of a related constitutional amendment
Legislative Description
Relative to finances of the state (OR SEE FISC NOTE GF RV)
FUNDS/FUNDING
Last Action
Becomes HB 683.
5/7/2025