NOTE: §100.112 eff. until July 1, 2025, if the const. amend. proposed by Acts 2024, 3rd Ex. Sess., No. 1 is ratified. (See Acts 2024, 3rd Ex. Sess., No. 13)

§100.112. Revenue Stabilization Trust Fund

            A. There is hereby established in the state treasury a special trust fund, the Revenue Stabilization Trust Fund, hereinafter referred to as the "fund".

            B. After allocation of money to the Bond Redemption and Security Fund as provided in Article VII, Section 9(B) of the Constitution of Louisiana, the treasurer shall deposit in and credit to the fund the revenues as provided for in Subsections C and D of this Section.

            C. The treasurer shall deposit into the fund the amount of mineral revenues as provided in R.S. 39:100.116.

            D. The treasurer shall deposit into the fund the amount of revenues in excess of six hundred million dollars received each fiscal year from corporate franchise and income taxes as recognized by the Revenue Estimating Conference.

            E.(1) Except as provided for in Subsection F of this Section, monies deposited into the Revenue Stabilization Trust Fund shall be permanently credited to the trust fund and shall be invested by the treasurer in the same manner as investments of the Millennium Trust, as provided in R.S. 39:98.2.

            (2) The treasurer shall deposit all interest or other income from investment on the fund into the state general fund.

            F.(1) Except as provided in Paragraphs (2) and (3) of this Subsection, no appropriations shall be made from the Revenue Stabilization Trust Fund.

            (2)(a) In any fiscal year in which the balance of the fund at the beginning of the year is in excess of five billion dollars, hereinafter referred to as the minimum fund balance, the legislature may appropriate an amount not to exceed ten percent of the fund balance, hereinafter referred to as the allowable percentage, for the following:

            (i) Capital outlay projects in the comprehensive state capital budget.

            (ii) Transportation infrastructure.

            (b) The minimum fund balance or the allowable percentage may be changed by a law enacted by two-thirds of the elected members of each house of the legislature.

            (c) Notwithstanding any provision of this Paragraph to the contrary, for Fiscal Year 2024-2025, the minimum fund balance shall equal two billion two hundred million dollars and the allowable percentage shall equal thirty-three percent.

            (3) In order to ensure the money in the fund is available for appropriation in an emergency, the legislature may authorize an appropriation from the fund at any time for any purpose pursuant to a concurrent resolution adopted by a favorable vote of two-thirds of the elected members of each house of the legislature. If the legislature is not in session, the two-thirds consent requirement shall be obtained as provided in R.S. 39:87.

NOTE: §100.112 eff. July 1, 2025, if the const. amend. proposed by Acts 2024, 3rd Ex. Sess., No. 1 is ratified, (See Acts 2024, 3rd Ex. Sess., No. 13) and then eff. until July 1, 2027.

§100.112. Revenue Stabilization Fund

            A. There is hereby established in the state treasury a special fund, the Revenue Stabilization Fund, hereinafter referred to as the "fund".

            B. Monies in the fund shall be used only for the following purposes:

            (1) In accordance with Article VII, Section 37 of the Constitution of Louisiana and R.S. 47:1703(B), a one-time payment shall be made to each parish that elects to irrevocably exempt business inventory from ad valorem tax prior to July 1, 2026. The payment shall be made by the treasurer to the ad valorem tax collector within thirty days of receipt of a certification from the secretary of the Department of Revenue that the parish has irrevocably elected to exempt business inventory from ad valorem tax.

            (2) In any fiscal year in which the revenues received from corporation income and franchise tax collections, as recognized by the Revenue Estimating Conference, fall below eight hundred million dollars, the legislature may appropriate an amount not to exceed the difference between actual corporation income and franchise tax collections and eight hundred million from the Revenue Stabilization Fund.

            C. Unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund.

NOTE: §100.112 as repealed by Acts 2024, 3rd Ex. Sess., No. 13, eff. July 1, 2027, if the const. amend. proposed by Acts 2024, 3rd Ex. Sess., No. 1 is ratified.

§100.112. Repealed by Acts 2024, 3rd Ex. Sess., No. 13, §11.

            Acts 2016, No. 639, §1, special eff. date; Acts 2024, No. 723, §3, eff. June 19, 2024;Acts 2024, 3rd Ex. Sess., No. 13, §4, eff. July 1, 2025; Acts 2024, 3rd Ex. Sess., No. 13, §11, eff. July 1, 2027.