The bill, introduced by Senator Pressly, enacts a new provision under R.S. 23:631(F) concerning the payment of wages to employees after termination of employment. Specifically, it clarifies that the existing provisions regarding wage payment do not apply to profits interest granted or issued by entities that are taxed as partnerships for federal income tax purposes.

This change aims to delineate the treatment of profits interest in relation to employee wage payment laws, ensuring that such interests are not subject to the same regulations as standard employee wages upon termination. The bill reflects a targeted adjustment to the legal framework governing employee compensation, particularly for those involved in partnership structures.

Statutes affected:
SB133 Original: 23:631(A)(1), 23:633(A)