This bill proposes extensive amendments to Article VII of the Louisiana Constitution, focusing on taxation and state financial management. It establishes that the power to tax is exclusively held by the legislature, requiring a two-thirds majority vote for any new taxes, tax increases, or changes to tax exemptions. The bill also introduces a centralized collection system for sales and use taxes at the parish level and prohibits ad valorem taxes on prescription drugs. Additionally, it modifies the allocation of severance taxes from natural resources, ensuring that specific percentages are directed to local governing authorities and removing previous caps on certain allocations. The bill aims to enhance transparency and accountability in tax collection and expenditure while establishing various funds for public purposes.

Moreover, the bill introduces significant changes to the management of state funds, including the creation of the UCP Permanent Trust Fund for unclaimed property claims, which prohibits appropriations from it. It outlines the allocation of mineral revenues, adjustments to education funds, and the establishment of a Budget Stabilization Fund to manage excess revenues. The proposed amendments also include provisions for property tax exemptions for veterans and their surviving spouses, as well as a phased approach to property tax increases following reappraisals. The bill will be presented to voters in a statewide election on March 29, 2025, allowing citizens to decide on these revisions aimed at improving fiscal responsibility and supporting essential public services.