House Bill No. [insert number] proposes the enactment of R.S. 47:6006.2, which establishes a rebate for local inventory taxes paid by taxpayers who do not qualify for the existing tax credit under R.S. 47:6006. To be eligible for this rebate, taxpayers must have paid ad valorem taxes on inventory to a political subdivision in Louisiana during the previous calendar year. The rebate amount will be calculated similarly to the tax credit, based on the ad valorem taxes paid. However, taxpayers who have received any other state tax benefits related to local inventory taxes will not be eligible for this rebate.

The bill outlines the administrative responsibilities of the Department of Revenue, which will process rebate applications and issue payments. Taxpayers must apply for the rebate by June 30 of the year following their tax payment and provide necessary documentation as required by the department. Additionally, the department has the authority to recover any rebates that were previously issued but later disallowed. The rebates will be funded through current collections of state taxes, and the provisions of this bill will not apply to ad valorem tax payments made before January 1, 2026, with the law taking effect on January 1, 2027.