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. Additionally, it specifies that companies in certain sectors, such as gaming and retail sales, are ineligible for participation.

The bill also establishes the High Impact Job Fund within the state treasury, which will receive appropriations for awarding incentives under the program. It mandates that all unexpended funds remain in the fund at the end of the fiscal year and be invested by the state treasurer. The provisions of the act will take effect on July 1, 2025, with the first grants not being issued until on or after July 1, 2026. The legislation includes a sunset provision, stating that no incentives will be awarded for applications received on or after July 1, 2035.