Bill > HB628

This bill establishes the Louisiana Dividend Program within the Department of the Treasury as a mechanism to return a portion of excess mineral revenues to qualifying Louisiana residents. The program would be activated only when there is no individual income tax in the state and would provide a dividend to eligible Louisiana residents based on the state's mineral revenues. To be eligible, individuals must be 18 or older, a state resident, a U.S. citizen or legal permanent resident, and have been a state resident for the entire qualifying year. Certain individuals are ineligible if they have been convicted of a felony or specific misdemeanors during the qualifying year. The program will deposit 25% of mineral revenues exceeding $650 million into a special Louisiana Dividend Fund, with dividends paid out if the fund balance exceeds $400 million. A unique feature of the program is a Restorative Justice Subfund that will receive funds for ineligible individuals (such as those incarcerated), which will be appropriated to corrections services. The bill also includes provisions for application processes, dividend calculation, confidentiality, and penalties for fraudulent claims. Importantly, 20% of any dividend received would be exempt from seizure by creditors, providing some financial protection for recipients.

Budget and Finance, Housing and Urban Affairs

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=HB628&sbi=y