This bill, introduced by Senator Mizell, aims to re-create Louisiana Economic Development and its associated statutory entities, establishing a new framework for their operation. Specifically, it enacts R.S. 49:191(3)(b), which states that Louisiana Economic Development and all statutory entities made part of the department by law will have their operations begin to terminate on July 1, 2030, with all legislative authority ceasing by July 1, 2031. The bill also sets an effective termination date for these entities, allowing for the possibility of re-creation before the termination date in accordance with existing provisions.

Additionally, the bill repeals R.S. 49:191(1)(a) in its entirety, which may have previously outlined different termination provisions for statutory entities. The overall effective date for this legislation is set for June 30, 2026, unless vetoed by the governor and subsequently approved by the legislature, in which case it would take effect the day after such approval or on June 30, 2026, whichever is later.