This bill amends and reenacts several sections of Louisiana law regarding financial incentives for events held in the state, specifically focusing on the Major Events Incentive Fund and the creation of an Events Incentive Fund. It defines "qualified major events" more broadly, including a variety of sporting events, festivals, and conventions, while removing specific examples previously listed. The bill establishes eligibility requirements for events to qualify for funding, including the necessity for an economic impact analysis and a cap on grant amounts, which can cover up to 25% of the total anticipated costs, not exceeding $250,000 per grant.

Additionally, the bill outlines the administration of the new Events Incentive Program by the Louisiana Economic Development department, which will manage the grant funding process and ensure compliance with the established rules. It mandates that the secretary of Louisiana Economic Development submit an annual report on the program's activities and economic impacts to the Joint Legislative Committee on the Budget. 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)