Senate Bill No. SLS 25RS-213 proposes significant amendments to the structure and functions of Louisiana Economic Development (LED). The bill establishes the Louisiana Economic Development Innovation Fund, designated for economic development initiatives as determined by the secretary of economic development. It also abolishes the offices of entertainment industry development and international commerce, transferring their responsibilities to LED. Furthermore, the bill modifies the composition of LED by replacing the office of business development with the office of economic development and updates the powers of the secretary to include entering into cooperative endeavor agreements and purchasing property for economic benefits.

In addition to these changes, the bill clarifies the roles of various boards and agencies under LED, particularly the Louisiana Board of International Commerce, which will now function as an advisory board with an increased membership from four to six appointed members. The legislation also introduces new guidelines for managing the Louisiana Economic Development Innovation Fund, which will be funded through legislative appropriations, grants, and donations, with interest earned credited back to the fund. The bill aims to streamline operations and clarify responsibilities within the LED framework, with all changes set to take effect on August 1, 2025.

Statutes affected:
SB161 Original: 36:101(C)(1), 36:104(A)(17), 36:108(B), 36:109(B), 51:1(A), 51:2311(D), 51:3132(7), 51:3136(A), 47:6007(A)(18), 47:6022(C)(7), 51:3132(8)
SB161 Engrossed: 36:101(C)(1), 36:104(A)(17), 36:108(B), 36:109(B), 51:1(A), 51:2311(D), 51:3132(7), 51:3136(A), 47:6007(A)(18), 47:6022(C)(7), 51:3132(8)
SB161 Reengrossed: 36:101(C)(1), 36:104(A)(17), 36:108(B), 36:109(B), 51:1(A), 51:2311(D), 51:3132(7), 51:3136(A), 47:6007(B)(18), 47:6022(C)(7), 51:3132(8)