House Bill No. 107 seeks to create the Greater St. Martinville Economic Development District within the city of St. Martinville, aimed at promoting economic and community development through collaboration among the district, city, state, and local property owners. The bill delineates the district's boundaries and establishes a governance structure comprising a board of commissioners with seven voting members and one nonvoting member, appointed by local authorities and the mayor. Board members will serve staggered three-year terms and will have the authority to adopt bylaws, manage funds, and conduct business affairs. The district is also granted the power to levy a sales and use tax of up to 1% with voter approval, issue revenue bonds, and engage in contracts, while also being empowered to fund cultural activities to enhance community welfare.

Furthermore, the bill introduces new regulations regarding the use of tax increments by local governmental subdivisions and tax recipient bodies, mandating that such increments cannot be utilized without consent from the relevant local governmental subdivision and majority approval from qualified electors through an election. It defines "tax increment" as the portion of any tax levied within the district that is determined and pledged according to existing law. Additionally, if tax proceeds are dedicated to a specific purpose approved by voters, they cannot be used as a tax increment unless a new proposition is submitted and approved by the electorate. This legislation aims to enhance accountability and transparency in the allocation of tax increments, ensuring that any changes require voter consent. The bill will take effect upon the governor's signature or after the lapse of time for gubernatorial action.