LA SB161

Reorganizes Louisiana Economic Development by abolishing the office of entertainment industry development and the office of international commerce, transferring their functions to the main department

Creates the Louisiana Economic Development Innovation Fund within the state treasury to support economic development initiatives, funded by legislative appropriations, grants, and donations

Expands the secretary's authority to directly purchase property or enter purchase options (with commissioner of administration approval) and allows creation of single-purpose entities to handle property transactions for economic development

Reconstitutes the Louisiana Board of International Commerce as an advisory board with reduced membership (from approximately 22 to 12 members), eliminating several cabinet secretary positions and consolidating stakeholder representation

Changes the advisory committee meeting requirement from mandatory quarterly meetings to discretionary meetings as necessary