2023 Louisiana Laws › Revised Statutes › Title 51 - Trade and Commerce › §51:935.1. Unified economic development budget report

RS 51:935.1 - Unified economic development budget report
A.(1) The Department of Economic Development shall issue an annual unified economic development budget report which shall be submitted to the governor, the president of the Senate, the speaker of the House of Representatives, every member of the legislature electronically, and the David R. Poynter Legislative Research Library, as provided in R.S. 24:772.
(2) Upon request by the Department of Economic Development, the Department of Revenue and the Louisiana Workforce Commission shall provide any information in their possession needed by the Department of Economic Development for preparation of the report. The Department of Economic Development shall not disclose any confidential data provided, and shall not include any confidential information in the report in an individually identifiable form.
B.(1) The report in each year shall include at least twenty-five percent of the economic development programs within the Department of Economic Development. Each economic development program within the department shall be included in the report at least once every four years. New economic development programs created within the department shall be included in the report not later than two years after the year of creation.
(2) The report shall include, as applicable, the following:
(a) A list of all state economic development programs within the Department of Economic Development, including program title and statutory citation.
(b) A description of the economic development programs covered by the report, including the purposes of the programs, qualifying businesses, type of incentive, and how administered.
(c) For the immediately prior fiscal year, if it is the initial report on a program, and for all fiscal years since the last report on the program, if it is a subsequent report, based upon actual data to the extent available and upon estimates to the extent actual data is not available:
(i) The amount of incentives issued.
(ii) The administrative cost of the program.
(iii) The number of permanent, new and retained, full-time and part-time jobs, amount of associated payroll, amount of capital investment, and any other economic benefit associated with utilization of the program.
(iv) The economic impact of the program, including impact on state tax revenues.
(v) The overall impact of the program.
(d) For the current and next fiscal year, estimates of all of the following:
(i) The amount of incentives to be issued.
(ii) The administrative cost of the program.
(iii) The number of permanent, new and retained, full-time and part-time jobs, amount of associated payroll, amount of capital investment, and any other economic benefit associated with utilization of the program.
(iv) The economic impact of the program, including impact on state tax revenues.
(v) The overall impact of the program.
C, D. Repealed by Acts 2013, No. 387, §2.
E.(1)(a) The legislative auditor shall conduct an annual performance audit designed to evaluate the management controls, accuracy, and reliability of the reported information on at least three economic development programs as defined in this Section. The economic development programs that are to be audited shall be selected by the legislative auditor.
(b)(i) The auditor may require the division of administration and the Department of Economic Development to provide such data, information, and reports that the auditor determines is reasonably necessary. In addition, and notwithstanding any other law to the contrary, the Department of Revenue and the Louisiana Workforce Commission shall provide to the auditor any data, information, or reports relative to the programs being audited that the auditor may reasonably require, and only where such programs require that such data be reported, provided that such data, information, or report shall be subject to the provisions of R.S. 47:1508 and may only be used in a manner that shall prevent the identification of a particular employer.
(ii) If such departments are unable to provide to the auditor data, information, or reports the auditor reasonably requires, because such data, information, or report was not provided by the employer and should have been provided to such departments either by law or contract, then that department to which the data, information, or report should have been provided may request the employer to provide such data, information, or report.
(2) The auditor shall include in the audit a conclusion as to the material correctness and sufficiency of the reports, data and information concerning the programs which are used in the unified economic development budget report and as to the material correctness of the report concerning the programs audited.
(3) In addition to the Legislative Audit Advisory Committee, the performance audit shall be submitted to the Economic Estimating Conference, every member of the legislature, and the legislative fiscal office.
F. For the purposes of this Section, the following words and phrases shall have the following meanings:
(1)(a) "Economic development program" means any state program which directly or indirectly confers fiscal benefits on employers located in the state for the purpose of retaining and creating jobs and growing the state's economy. Such programs may include grants, loan guarantees, tax exemptions, exclusions, credits, or rebates, but only to the extent that such benefits are used by an identifiable group of employers in the same or a similar business.
(b) The ten-year property tax exemption and the inventory tax credit shall not be considered economic development programs.
(2) "Employer" means the entity participating in the economic development program.
(3) "New permanent full-time job" means a job filled by an employee not previously on the payroll of the employer who is participating in the economic development program, or previously on the payroll of such employer's parent, subsidiary, or affiliate, who works a minimum of thirty-five hours per week and who is employed a minimum of forty weeks a year as verified by an employer's W-2 forms.
(4) "New permanent part-time job" means a job filled by an employee not previously on the payroll of the employer who is participating in the economic development program, or previously on the payroll of such employer's parent, subsidiary, or affiliate, who works less than thirty-five hours per week or who is employed less than forty weeks a year as verified by an employer's W-2 forms.
Acts 2002, 1st Ex. Sess., No. 150, §1, eff. April 24, 2002; Acts 2008, No. 743, §7, eff. July 1, 2008; Acts 2009, No. 438, §11(A); Acts 2013, No. 387, §§1, 2.