This bill proposes extensive amendments to Article VII of the Louisiana Constitution, primarily focusing on revenue and finance. It establishes that only the legislature has the authority to enact or modify tax laws, prohibiting courts from exercising this power. Any new taxes, tax increases, or changes to tax exemptions will require a two-thirds majority vote from both houses of the legislature. The bill also introduces limitations on certain taxes, such as banning ad valorem taxes on prescription drugs and ensuring that new sales and use tax exemptions apply to both state and local taxes. Additionally, it mandates a centralized collection system for sales and use taxes across political subdivisions and emphasizes transparency in revenue and expenditure information.

Furthermore, the bill outlines significant changes to the management of state funds, including the creation of the UCP Permanent Trust Fund for unclaimed property claims, which will not allow appropriations. It also introduces a Budget Stabilization Fund for excess revenues and a Transportation Trust Fund dedicated to transportation projects. The bill modifies existing laws regarding severance taxes, the allocation of mineral lease revenues, and the establishment of various funds, including the Coastal Protection and Restoration Fund. Notably, it deletes provisions related to the Louisiana Education Quality Trust Fund and introduces new regulations for property tax exemptions, particularly for veterans and their surviving spouses. Overall, the bill aims to enhance fiscal responsibility, streamline funding processes, and improve the management of state resources.