House Bill No. [insert number] aims to enhance the evaluation and reporting of tax incentives and economic development programs in Louisiana by establishing new responsibilities for the legislative auditor. The bill enacts R.S. 47:1517.2, which outlines the auditor's authority to evaluate and report on these programs at least once every four years. It defines "economic development programs" and "tax incentives," and mandates the auditor to conduct cost-benefit analyses, assess the effectiveness of programs, and ensure compliance from companies receiving incentives. The auditor may also contract external entities for assistance and is empowered to recommend disqualification of companies that fail to meet data submission or contractual obligations.

Additionally, the bill repeals R.S. 51:935.1, which previously required a unified economic development budget report. The new framework emphasizes accountability and transparency in the use of tax incentives, requiring the legislative auditor to publish a quadrennial report with recommendations for reforms by December 31, 2026. This legislative change aims to improve the oversight of economic development initiatives and ensure that they effectively contribute to job creation and economic growth in the state.

Statutes affected:
HB535 Re-Reengrossed:
HB535 Enrolled: