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 removing a lengthy list of specific events and replacing it with a broader definition that includes any event and associated activities, while also listing notable examples such as the Super Bowl, NCAA tournaments, and various other sporting and cultural events. Additionally, it establishes eligibility requirements for events seeking funding, including the necessity for an economic impact analysis and a cap on grant amounts.

Furthermore, the bill creates the Events Incentive Fund, which will be funded through legislative appropriations, donations, and other sources. This fund will be used to support the planning, marketing, and conducting of events that do not qualify as major events. The Louisiana Economic Development department is tasked with administering the program, selecting grant recipients, and ensuring compliance with reporting requirements. The bill also mandates that an annual report be submitted to the Joint Legislative Committee on the Budget detailing the economic impact of funded events. 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)