The proposed legislation enacts Chapter 47 of Title 51 of the Louisiana Revised Statutes, establishing the High Impact Jobs Program aimed at incentivizing companies to create jobs that pay above the parish average wage and provide a basic health benefits plan. The program will be administered by Louisiana Economic Development (LED), which will offer various incentives, including reimbursable grants based on the annualized wages paid for qualifying jobs. The bill outlines specific eligibility criteria for companies, including wage thresholds and the requirement to create new full-time positions, while also detailing the application process and the establishment of a special fund, the High Impact Job Fund, to support these incentives.

Additionally, the bill specifies that companies in certain sectors, such as gaming and retail sales, are ineligible for participation in the program. It also includes provisions for the secretary of LED to promulgate rules for program implementation, subject to legislative approval. The act will take effect on July 1, 2025, with the first grants being issued no earlier than July 1, 2026. Notably, the bill deletes the previous Louisiana Capital Investment Tax Credit and replaces it with the new High Impact Jobs Program framework.