Senate Bill No. 169, introduced by Senator Allain, amends the tax credit provisions for local inventory taxes paid in Louisiana. The bill specifically allows farmers, fruitgrowers, or similar associations that are organized and operated on a cooperative basis to claim the tax credit, which was previously limited to certain taxpayers. Additionally, it stipulates that any credits exceeding the tax liability for these entities can be refunded or carried forward, enhancing the financial benefits available to them.

The proposed law will take effect for taxable periods beginning on or after January 1, 2025, and will become effective upon the governor's signature or after the lapse of time for gubernatorial action. The bill retains existing provisions of the law while expanding eligibility and refundability for the specified agricultural entities, thereby supporting local agricultural operations and their economic viability.