Louisiana legislation · 2025 Regular Session
Louisiana HB365: TAX/AD VALOREM TAX: Provides for an optional exemption of business inventory from ad valorem taxes and to authorize the reducti
Status: Chaptered, June 20, 2025
TAX/AD VALOREM TAX: Provides for an optional exemption of business inventory from ad valorem taxes and to authorize the reduction of the fair market value percentage of business inventory under certain circumstances (EN SEE FISC NOTE GF EX See Note)
What the bill says
An act To enact R.S. 47:1703.2 and 1703.3, relative to ad valorem taxes; to provide for ad valorem property tax exemptions; to provide for the classification of certain property; to provide for the adjustment of fair market value percentage of certain property under certain circumstances; to authorize a parish to exempt certain property under certain circumstances; to authorize certain payments to certain parishes; to provide for the administration of ad valorem property tax exemptions; to provide for limitations and requirements; to provide for effectiveness…
From the introduced text:
AN ACT To enact R.S. 47:1703.2 and 1703.3, relative to ad valorem taxes; to provide for ad valorem property tax exemptions; to provide for the classification of certain property; to provide for the adjustment of fair market value percentage of certain property under certain circumstances; to authorize a parish to exempt certain property under certain circumstances; to authorize certain payments to certain parishes; to provide for the administration of ad valorem property tax exemptions; to provide for limitations and requirements; to provide for effectiveness; and to provide for related matters. Be it enacted by the Legislature of Louisiana: Section 1. R.S. 47:1703.2 and 1703.3 are hereby amended and reenacted to read as follows: §1703.2. Exemption; optional exemption for business inventory A. There shall be an optional ad valorem tax exemption on items constituting business inventory, including goods which are held for sale and goods in production or for ultimate consumption in the production of goods or services for sale. B. The exemption provided for in this Section shall only apply in parishes in which the sheriff, school board, and the parish governing authority elect to exempt business inventory from ad valorem taxation. C. The exemption election shall be evidenced in writing and shall indicate if the parish will implement the full exemption immediately or over a period not to Page …