Entrepreneurship Initiatives and State Small Business Credit Initiative
Louisiana Economic Development (LED) recently executed a webinar session with a focus on Louisiana small business and entrepreneurship initiatives. Due to new opportunities made possible by the CARES Act and more recently the American Rescue Plan, LED is making plans to provide critical assistance to small businesses in Louisiana, facilitating the urgent deployment of capital and helping small business recovery. If you were not able to attend the webinar, the recording is available via YouTube.
As noted in the webinar presentation, LED seeks to gather input for the detailed planning and execution of these important entrepreneurship and small business support activities. This input is critical to the design process that identifies and supports strategies to cultivate small business competitiveness and strengthen entrepreneurship throughout the state. Please direct your attention to this link with 8 survey questions, which will allow LED to gain your input:
- Complete the LED Post-Webinar Survey SSBCI 2.0 (SurveyMonkey link)
LED Legislative Update
Final Adjournment of the 2021 Legislative Session was on Thursday, June 10.
Below are some of the bills enacted and resolutions sent to the Secretary of State that impact LED incentives and propose new economic development incentives and programs.
- Act 81 (SB 45)
Extends the sunset date on the Port Tax Credit programs from July 1, 2021, to July 1, 2025.
- Act 216 (SB 162)
Broadens the types of postseason NCAA games that are eligible for the Major Events Incentive Fund by removing the current limitation for only playoff and championship games.
- Act 292 (SB 217)
Establishes the Louisiana Import Tax Credit within the Ports of Louisiana Tax Credits statute.
- Act 331 (HB 622)
Establishes the Rural Development Program and Fund
- Act 401 (HB 445)
Changes the way the Qualified Music Company credits under the Sound Tax Credit program are claimed. Applies to application received on or after July 1, 2021
- HCR 40
Requests LED to suspend the Louisiana Industrial Ad Valorem Tax Exemption Program and other tax incentives, subsidies, and other public financial support relative to certain utility-scale solar projects
- HCR 64
Continues the Joint Subcommittee on International Trade to study how to best capitalize on Louisiana’s international trade potential.
- HCR 108
Directs LED to study and analyze the cyber industry within the state and its impact on the economy in Louisiana.
- HR 68
Requests that any federal funds received pursuant to the American Rescue Plan Act of 2021 for the State Small Business Credit Initiative be deployed by the Louisiana Economic Development Corporation.
- SR 182
Related to the development and production of solar energy in the state and to provide guidance addressing those issues and concerns.
- SR 178
(Identical to HR 68)
Questions about the content of this Alert should be directed to LCPA State Government Relations Director Linda Babin.