This bill enacts a new section, R.S. 33:3121, within Part XIV of Chapter 6 of Title 33 of the Louisiana Revised Statutes, specifically addressing ad valorem property tax agreements in Orleans Parish. It establishes requirements for applicants entering into tax abatement, payment in lieu of tax, or other cooperative endeavor agreements that impact ad valorem property taxes. Notably, the bill mandates that applicants must provide written notice to the president of the Orleans Parish School Board at least thirty days before applying for such agreements. This notice must include an estimate of the affected property taxes, the applicant's contact information, and the term of the agreement.

The provisions outlined in this bill apply to abatement agreements with a duration of two or more years or those affecting property taxes of one million dollars or more. However, it explicitly excludes ad valorem property tax exemptions or agreements approved by the State Board of Commerce and Industry, as well as those established under Article VII, Section 21 of the Louisiana Constitution. The bill is set to take effect on July 1, 2024, and will apply to any relevant agreements entered into after that date.