House Bill No. by Representative Emerson seeks to amend and reenact sections of the Louisiana Revised Statutes concerning ad valorem taxation, particularly focusing on property tax exemptions, definitions, classifications, and valuation processes. The bill introduces new definitions for terms such as "Distributor," "Business inventory," "Manufacturer," and "Retailer," which aim to clarify the scope of property subject to taxation and exemptions. It also establishes specific criteria for the homestead exemption and special assessment levels, especially for properties damaged by disasters. Key changes include the removal of outdated provisions regarding the homestead exemption and the introduction of new eligibility criteria for maintaining tax exemptions for damaged properties, allowing owners to claim exemptions by filing an affidavit of intent to return.

Additionally, the bill outlines new exemptions for veterans with service-connected disabilities and their surviving spouses, as well as provisions for first responders, contingent upon local authority approval. It establishes a framework for parishes to exempt business inventory from ad valorem tax, with financial incentives for those that choose to do so. The bill also clarifies eligibility criteria for trusts related to disabled veterans and special assessment levels for residential properties, ensuring that property owners affected by disasters can retain their exemptions. Overall, the legislation aims to modernize the tax code, provide financial relief to specific groups, and ensure compliance with health and safety standards while maintaining fiscal responsibility within local governments.

Statutes affected:
HB16 Original: 47:1(A), 47:1705(B)(1), 47:1713(B), 47:1714, 47:1715