The bill amends and reenacts several sections of Louisiana law related to financial incentives for events held in the state, specifically focusing on the Major Events Incentive Fund and the creation of an Events Incentive Program. It redefines what constitutes a "qualified major event" by broadening the criteria to include a variety of events, such as the Super Bowl, NCAA tournaments, and various sanctioned sports competitions, while removing specific examples previously listed. The bill also introduces a new section that establishes the Events Incentive Fund, which will be used to attract, plan, market, and conduct events in Louisiana, and outlines eligibility requirements for entities seeking funding.

Additionally, the bill stipulates that the Louisiana Economic Development secretary is authorized to enter contracts for recruiting major events, with the requirement that these contracts receive prior approval from the Joint Legislative Committee on the Budget. It mandates that grant recipients must provide documentation of costs associated with the events and submit an economic impact analysis. The bill also sets a cap on grant funding at 25% of the total anticipated event costs, not exceeding $250,000 per grant, and requires annual reporting on the program's economic impact. The provisions of this Act are set to take effect on July 1, 2025.

Statutes affected:
SB201 Original: 51:1260(C)(5)
SB201 Engrossed: 51:1260(C)(5)
SB201 Reengrossed: 51:1260(C)(5)
SB201 Enrolled: 51:1260(C)(5)
SB201 Act 446: 51:1260(C)(5)