The bill amends and reenacts several provisions of the Major Events Incentive Fund and the Major Events Incentive Program in Louisiana, specifically R.S. 51:1260(B), (C)(5) and (6)(f), (E), and (G). It transfers the administration of the program from the office of the lieutenant governor and the Department of Culture, Recreation and Tourism to the Department of Economic Development. The bill also expands the definition of "qualified major event" to include events sanctioned by international governing bodies of soccer and rugby, as well as various other high-profile sporting and cultural events. Additionally, it allows the secretary of the Department of Economic Development to enter into contracts with various entities to recruit and organize qualified major events that will positively impact the state.

Furthermore, the bill repeals sections R.S. 51:1260(H) and (I) and 1261, which previously outlined certain reporting and budgetary processes related to the program. The requirement for the lieutenant governor to submit an economic analysis to the Joint Legislative Committee on the Budget after an event has been removed. The Department of Economic Development is now tasked with promulgating rules for the program's administration, utilizing emergency rulemaking for initial rules to expedite implementation. The act is set to take effect on July 1, 2024.

Statutes affected:
SB341 Original: 51:1260(I)
SB341 Engrossed: 51:1260(I)
SB341 Reengrossed: 51:1260(B), 51:1261(B), 51:1260(I), 51:1261(G)
SB341 Enrolled: 51:1260(B), 51:1260(H)
SB341 Act 518: 51:1260(B), 51:1260(H)