House Bill No. by Representative Riser amends existing law regarding cooperative endeavor agreements (CEAs) between Louisiana Economic Development (LED) and nongovernmental entities. The bill retains the current requirements for CEAs, which include specific goals, reimbursement methods if those goals are not met, a comprehensive budget, and a compliance monitoring plan. However, it introduces a new requirement that mandates nongovernmental entities to expend at least 35% of the funds received from LED incentives on goods manufactured or produced within the state.

Additionally, the bill specifies that this new requirement will only apply to agreements made on or after August 1, 2026. It also clarifies that the existing requirements set forth in Subsection A of R.S. 51:933(B) will not apply to any economic development programs established by the Louisiana Constitution, the Louisiana Revised Statutes of 1950, or by administrative rule prior to August 15, 2010. This legislation aims to promote local manufacturing and production through the use of state incentives.

Statutes affected:
HB1127 Original: 51:933(B)