Senate Bill No. 201, introduced by Senator Harris, seeks to enhance financial incentives for events held in Louisiana by amending the Major Events Incentive Program and establishing a new Events Incentive Program. The bill retains the current definition of "qualified major event" but expands it to include additional events sanctioned by the Association of Tennis Professionals, the Women's Tennis Association, and professional rodeo events. It requires that contracts for these qualified major events receive prior approval from the Joint Legislative Committee on the Budget and be contingent on available funding from the Major Events Incentive Fund.

Additionally, the bill creates the Events Incentive Fund to attract and support various events in Louisiana, with eligibility criteria that exclude events classified as "qualified major events" and require a projected economic impact of at least $350,000. Grant recipients can receive up to 25% of the total anticipated costs for the event, capped at $250,000. The Louisiana Economic Development secretary will select grant recipients and submit an annual report on the economic impact of funded events. The provisions of this act are set to take effect on July 1, 2025, and include requirements for economic impact analyses and transparency in reporting to the Joint Legislative Committee on the Budget.

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