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LA HB683
Bill
Status
5/19/2025
Primary Sponsor
Julie Emerson
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AI Summary
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Increases the Budget Stabilization Fund cap from 4% to 7.5% of total state revenue receipts for the previous fiscal year, and removes the provision requiring deposits of mineral revenues exceeding $950 million
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Repeals the Revenue Stabilization Trust Fund and renames it the Revenue Stabilization Fund, eliminating previous appropriation rules that allowed 10% withdrawals when the balance exceeded $5 billion
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Redirects mineral revenue dedications by eliminating deposits to the Mineral Revenue Audit and Settlement Fund, Transportation Trust Fund, and state retirement systems (LASERS and TRSL)
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Authorizes Revenue Stabilization Fund withdrawals only when corporate income tax collections fall below $800 million, limited to the difference between actual collections and $800 million
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Effectiveness contingent on voter approval of constitutional amendment in HB 678; certain provisions related to business inventory tax exemptions become effective January 1, 2027 if both HB 366 and HB 678 are adopted
Legislative Description
Provides relative to the disposition of certain state revenues through repeal of the Revenue Stabilization Trust Fund and dedication of certain revenues to the Budget Stabilization Fund. (EG SEE FISC NOTE GF RV See Note)
FUNDS/FUNDING
Last Action
Read second time by title and referred to the Committee on Finance.
5/20/2025