House Bill No. [insert number] proposes the establishment of the High Impact Jobs Program within the Louisiana Economic Development (LED) framework, replacing the previous Louisiana Capital Investment Tax Credit. The bill outlines the program's purpose to incentivize companies to create jobs that pay above the parish average wage and provide a basic health benefits plan. It defines key terms such as "company," "distressed area," and "qualifying company," and establishes eligibility criteria for participation, including wage requirements based on the location of the project. The program will offer various incentives, including reimbursable grants based on annualized wages for qualifying jobs, with specific percentages tied to the wage levels relative to the parish and regional averages.

Additionally, the bill creates the High Impact Job Fund, a special treasury fund to support the program, with provisions for the management and appropriation of funds. It stipulates that no incentives will be awarded for applications received after July 1, 2035, and sets an effective date for the program to begin on July 1, 2025, with the first grants to be issued no earlier than July 1, 2026. The secretary of LED is granted the authority to promulgate rules for the program, subject to legislative approval.