House Bill No. proposed by Representative Emerson seeks to amend Article VII of the Louisiana Constitution, focusing on revenue and finance. The bill clarifies that the legislature holds the exclusive power of taxation, requiring a two-thirds majority vote from both houses for any new tax, tax increase, or repeal of tax exemptions. It introduces provisions for a centralized collection system for sales and use taxes, mandates transparency in revenue management, and establishes various trust funds, including a Transportation Trust Fund and a Coastal Protection and Restoration Fund. The bill also modifies the structure of the Interim Emergency Board and the State Bond Commission to enhance fiscal management and responsiveness to emergencies.

Additionally, the bill proposes significant amendments to existing laws regarding property tax assessments and exemptions, particularly for disabled individuals and the elderly. It establishes a bona fide homestead exemption and outlines specific conditions under which properties may lose their tax-exempt status. The legislation also includes provisions for ad valorem tax exemptions for first responders and their surviving spouses, while prohibiting the legislature from mandating exemptions for business inventory. Overall, the bill aims to enhance fiscal responsibility, transparency, and equitable tax relief for Louisiana residents, with proposed changes to be presented to voters in a statewide election scheduled for November 3, 2026.