Louisiana HB 585: TAX/AD VALOREM-EXEMPTION: Adds structures located in opportunity zones to the property eligible to participate in the Restoration Tax Abatement program (EN SEE FISC NOTE LF RV See Note)

Bill Text

ENROLLED
ACT No. 251
2019 Regular Session
HOUSE BILL NO. 585
BY REPRESENTATIVES JIMMY HARRIS AND LEGER AND SENATOR MORRELL
1 AN ACT
2 To amend and reenact R.S. 47:4312(3) and to enact R.S. 47:4315(A)(6), relative to ad
3 valorem taxes; to provide for certain definitions; to add structures within opportunity
4 zones to properties eligible to participate in the Restoration Tax Abatement program;
5 to provide for certain limitations and requirements; to provide for an effective date;
6 and to provide for related matters.
7 Be it enacted by the Legislature of Louisiana:
8 Section 1. R.S. 47:4312(3) is hereby amended and reenacted and R.S.
9 47:4315(A)(6)) is hereby enacted to read as follows:
10 §4312. Definitions
11 For purposes of this Chapter, the following terms shall have the meaning
12 indicated unless the context clearly indicates otherwise:
13 * * *
14 (3) "Economic development district" means a district created for the purpose
15 of economic development established by a local governing authority, or in
16 accordance with law, or for applications received on or after July 1, 2019, an
17 opportunity zone as designated by the federal government pursuant to the provisions
18 of 26 U.S.C. 1400Z-1, 1400Z-2, and federal regulations. The board may determine
19 whether or not a district complies with this definition.
20 * * *
21 §4315. Requirements for exemption
22 A. A contract of exemption from taxation may be entered into by the board
23 under this Chapter only if each of the following requirements are met:
24 * * *
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.

HB NO. 585 ENROLLED
1 (6) In addition to requirements and rules and regulations established pursuant
2 to this Chapter, the expansion, restoration, improvement, or development of a
3 structure in a federally designated opportunity zone shall also be required to meet the
4 requirements for investments under the provisions of 26 U.S.C. 1400Z-1, 1400Z-2,
5 and federal regulations relative to opportunity zones.
6 * * *
7 Section 2. This Act shall become effective upon signature by the governor or, if not
8 signed by the governor, upon expiration of the time for bills to become law without signature
9 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
10 vetoed by the governor and subsequently approved by the legislature, this Act shall become
11 effective on the day following such approval.
SPEAKER OF THE HOUSE OF REPRESENTATIVES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.