The bill, HB 366, proposes a constitutional amendment that allows parishes to exempt business inventory from ad valorem taxes and to reduce the percentage of fair market value applicable to such inventory. Key provisions include the requirement for the state to make one-time payments from the Revenue Stabilization Trust Fund to parishes that choose to irrevocably exempt business inventory from these taxes. The bill also outlines the process for disbursing these payments to local tax collectors and subsequently to the relevant tax authorities within each parish. Additionally, the bill establishes a new classification for business inventory and modifies existing classifications for public service property owned by railroad companies.

Amendments adopted in the conference committee report include changes to the effective date of the proposed law, moving it from property tax years beginning on or after January 1, 2027, to those beginning on or after January 1, 2026. The date for the statewide election to submit the proposed constitutional amendment to voters has also been changed from November 3, 2026, to April 18, 2026. Furthermore, the report rejects amendments that would have created a separate property tax classification for public service property owned by railroad companies and modifies the name of the fund for payments to local governments from the Revenue Stabilization Fund to the Revenue Stabilization Trust Fund.