Bill > HB314

This bill provides for the distribution of revenue sharing funds for the fiscal year 2026-2027, allocating a total of $90,000,000. The funds are distributed to parishes based on a combination of their population and the number of homesteads (primary residences that qualify for property tax exemptions), with 80% allocated by population and 20% by homesteads. Specific definitions are provided for "tax recipient bodies," which include various local government entities like cities, parishes, school boards, and special taxing districts, with certain exclusions and inclusions detailed for specific parishes. A portion of the funds is set aside for tax collector commissions and retirement system contributions, with specific percentages outlined for each parish. The remaining funds are allocated to reimburse tax losses due to homestead exemptions, with detailed provisions for how these funds are distributed among different taxing bodies, including specific exceptions and limitations for certain parishes and millages (tax rates). The bill also outlines how any excess funds remaining after these distributions will be allocated, generally prioritizing school boards, incorporated municipalities, and parish governing authorities, with specific distribution formulas for different parishes. Finally, it details the timing of these distributions, requiring the State Treasurer to disburse funds in three installments and mandating reporting requirements for tax collectors and the city of New Orleans to ensure proper accounting and eligibility verification.

Budget and Finance

https://www.legis.la.gov/legis/BillInfo.aspx?s=26rs&b=HB314&sbi=y