The bill amends several sections of Louisiana law to enhance the powers and organizational structure of the Louisiana Economic Development (LED) department. It rebrands the "Department of Economic Development" to "Louisiana Economic Development" and establishes an advisory committee called the Louisiana Economic Development Partnership, which will consist of eleven appointed members from regional economic development organizations. The bill also grants the secretary of LED new responsibilities, including the development of a comprehensive strategic plan for economic development and the authority to reconsider disallowances of incentive amounts under specific conditions. Additionally, it exempts LED from certain procurement regulations, allowing it to create its own rules for information technology procurement while adhering to the LaGov agency framework.

Furthermore, the bill modifies the administration and funding of the Small Business Innovation Fund in Louisiana, stating that all investment income, net of expenditures, will be credited to LED for program revenue. The Louisiana Economic Development Corporation will now administer grants to selected applicants, replacing the previous role of the Louisiana State University and Agricultural and Mechanical College Louisiana Technology Transfer Office. The bill allocates up to $150,000 annually from the fund for various purposes, including $30,000 for technical assistance and outreach programs. It also repeals certain sections of the law, declares expired board member terms as vacant, and outlines the appointment process for successors. The Louisiana State Law Institute is directed to update references from "Department of Economic Development" to "Louisiana Economic Development" throughout the Louisiana Revised Statutes. The bill will take effect upon the governor's signature or after a designated period if not signed.

Statutes affected:
SB494 Original: 36:4(A)(2), 36:101(A), 36:104(A)(6), 39:82(B), 47:318(B)(2), 51:2311(A)(2), 51:2403(E)
SB494 Engrossed: 36:4(A)(2), 36:101(A), 36:104(A)(6), 47:318(B)(2), 51:2311(A)(2), 51:2403(E)
SB494 Reengrossed: 36:4(A)(2), 36:101(A), 36:104(A)(6), 51:2311(A)(2), 51:2403(E)
SB494 Re-Reengrossed: 36:4(A)(2), 36:101(A), 36:104(A)(6), 47:318(B)(2), 51:2311(A)(2), 51:2403(E)
SB494 Enrolled: 36:4(A)(2), 36:101(A), 36:104(A)(6), 47:318(B)(2), 51:2311(A)(2), 51:2403(E)
SB494 Act 590: 36:4(A)(2), 36:101(A), 36:104(A)(6), 47:318(B)(2), 51:2311(A)(2), 51:2403(E)