House Bill No. by Representative Farnum proposes to extend eligibility for the ad valorem tax exemption to certain trusts for property owners who are at least sixty-five years of age or older. 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 established in Article VII, Section 21(P) of the Louisiana Constitution, must have been the immediate prior owner of the homestead, must have transferred the naked ownership of the homestead to the trust, must retain a usufruct on the homestead, and must continue to occupy the homestead.

The provisions of this Act will apply to taxable years beginning on or after January 1, 2028, and will become effective on that date, contingent upon the adoption of a proposed amendment to Article VII of the Louisiana Constitution in a statewide election. The bill aims to provide additional support for elderly property owners by allowing trusts to benefit from the same tax exemptions available to individuals who meet the age requirement.