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 the Events Incentive Fund. 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 related 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 entities seeking funding, including the necessity for an economic impact analysis and a cap on grant amounts.

The bill also introduces a new Events Incentive Program, which will be administered by Louisiana Economic Development, allowing municipalities and nonprofit organizations to apply for grants to cover costs associated with planning and conducting events that do not qualify as major events. The program stipulates that grant recipients can receive up to 25% of the total anticipated costs, with a maximum of $250,000 per grant. Furthermore, the bill 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)