§1261. Events Incentive Fund

            A.(1) There is hereby created in the state treasury, as a special fund, the Events Incentive Fund, hereinafter referred to in this Section as the "fund".

            (2) The source of monies deposited into the fund shall be any monies appropriated by the legislature, including federal funds, any public or private donations, gifts, or grants from individuals, corporations, nonprofit organizations, or other business entities which may be made to the fund, and any other monies which may be provided by law.

            (3) Monies in the fund shall be invested in the same manner as monies in the state general fund and any interest earned on the investment of monies in the fund shall be credited to the fund. All unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund.

            (4) Monies in the fund shall be used solely for attracting, planning, marketing, and conducting events pursuant to the Events Incentive Program as provided in this Section.

            B. There is hereby created the Events Incentive Program, hereinafter referred to in this Section as the "program", to be administered by Louisiana Economic Development in accordance with rules and regulations. The program shall provide grant funding to municipalities, parishes, official tourism commissions, convention and visitors bureaus, official destination marketing organizations, and nonprofit corporations hosting an event for costs associated with planning, marketing, and conducting events held in Louisiana.

            C. An entity shall be eligible to receive funding through the program only if all of the following apply:

            (1) The event is not a "qualified major event" as defined in R.S. 51:1260.

            (2) The event is not held more than one time per year in Louisiana or any other state. The provisions of this Paragraph shall not apply to events occurring twice in one year due to a natural disaster, an act of God, force majeure, a catastrophe, pandemic, or such other occurrence which causes the event to move or be rescheduled.

            (3) The applicant submits the application and required documentation no later than one hundred eighty days prior to the event. The documentation shall include:

            (a) The total anticipated cost of the event.

            (b) The amount and anticipated sources of funding for the event.

            (c) An economic impact analysis conducted by an economist selected by Louisiana Economic Development indicating the event has an anticipated impact of three hundred fifty thousand dollars or greater to the state.

            (d) A proposal for the utilization of the grant funding.

            D. A municipality, parish, or nonprofit corporation hosting the event shall be eligible to receive up to twenty-five percent of the total anticipated cost incurred by the entity for the event, not to exceed two hundred fifty thousand dollars per grant.

            E. Any grants received pursuant to this Section shall be used for either of the following:

            (1) To pay or reimburse the costs of applying or bidding for selection as the site of the event.

            (2) To pay or reimburse the costs of planning, marketing, or conducting the event.

            F. The secretary of Louisiana Economic Development shall select grant recipients and is hereby authorized to enter into a contract with an event producer or host, a local organizing committee, endorsing parish, endorsing municipality, official tourism commission, convention and visitors bureau, or official destination marketing organization to provide grant funding in accordance with the provisions of Subsection E of this Section.

            G. No later than September first of each year, the secretary of Louisiana Economic Development shall submit an annual report on the program to the Joint Legislative Committee on the Budget. The report shall include the entities that received grant funding for events in the previous fiscal year pursuant to this Section and the economic impact of the events to the state, to the extent possible.

            H. Louisiana Economic Development shall promulgate rules for the administration of the program in accordance with the Administrative Procedure Act.

Acts 2025, No. 446, §1, eff. July 1, 2025.