This bill enacts a new section, R.S. 47:1517.2, which establishes the responsibilities of the legislative auditor regarding the evaluation and reporting of tax incentives and economic development programs in Louisiana. The legislative auditor is tasked with conducting evaluations at least once every four years, preparing cost-benefit analyses, and assessing the effectiveness of these programs. The auditor will also have the authority to require companies receiving incentives to participate in evaluations and verify data. If a company fails to comply, the auditor can recommend that the company be deemed ineligible for the incentive or program.

Additionally, the bill repeals R.S. 51:935.1, which likely contained previous requirements related to economic development reporting. The new provisions aim to enhance accountability and transparency in the use of tax incentives, ensuring that they effectively contribute to job creation and economic growth while minimizing fiscal impacts. The legislative auditor is also required to submit a quadrennial report to the legislature, with the first report due by December 31, 2026, which will include recommendations for reforms based on the evaluations conducted.

Statutes affected:
HB535 Re-Reengrossed:
HB535 Enrolled:
HB535 Act :