The bill amends R.S. 47:1855(G)(2) to revise the allocation of assessed values for major movable or other movable property owned by nonresident companies in Louisiana. The previous provision, which allocated such property solely to East Baton Rouge Parish, has been replaced with a new allocation methodology based on the ratio of active railroad track miles within a parish to the total miles in the state. This change aims to distribute the assessed value more equitably among Louisiana parishes, with specific percentages allocated to East Baton Rouge Parish over the next few years, transitioning from 75% in 2026 to 0% by 2029.
The new allocation methodology will be implemented gradually, starting with 25% of the assessed value going to Louisiana parishes in 2026, increasing to 100% by 2029. Additionally, the bill mandates that the Louisiana Tax Commission publish annual data on active railroad track miles to facilitate this allocation process. The provisions of this Act will apply to taxable periods beginning on or after January 1, 2026, and it will take effect upon the governor's signature or after the specified legislative approval process.
Statutes affected: SB179 Original: 47:1855(G)(2)
SB179 Engrossed: 47:1855(G)(2)
SB179 Reengrossed: 47:1855(G)(2)
SB179 Enrolled: 47:1855(G)(2)
SB179 Act : 47:1855(G)(2)