House Bill No. 1717 aims to extend the eligibility for the ad valorem tax exemption to certain trusts for property owners who are at least sixty-five years of age or older, as well as surviving spouses. The bill enacts R.S. 47:1717, which outlines specific requirements for a trust to qualify for this exemption. These requirements include that the settlor of the trust must meet the eligibility conditions set forth in the Louisiana Constitution, must have been the immediate prior owner of the homestead, and must retain a usufruct on the property while continuing to occupy it.

The provisions of this Act will apply to taxable years beginning on or after January 1, 2028, and it will become effective on that date, contingent upon the approval of a proposed amendment to Article VII of the Louisiana Constitution through a statewide election. The bill does not include any deletions from existing law but introduces new legal language to establish the eligibility criteria for trusts seeking the ad valorem tax exemption.