NOTE: §302 eff. until the proposed amendment of Article VII and Article IX of the
Constitution of Louisiana contained in Act No. 199 of the 2023 Regular Session of the
Legislature is adopted at a statewide election and becomes effective. See Acts 2023, No. 345.
§302. Louisiana Investment Fund for Enhancement (L.I.F.E.); established
There is hereby established a fund in the state treasury to be known as the Louisiana
Investment Fund for Enhancement (L.I.F.E.), hereafter referred to as the "fund", into which
the state treasurer shall each fiscal year, and beginning with the 1981-82 fiscal year, deposit
from the revenues produced from the production of oil and gas within the state, after those
revenues have been deposited in the Bond Security and Redemption Fund and remittance has
been made to political subdivisions as required by Article VII, Section 4 of the Constitution
of Louisiana, a portion of windfall revenues from oil and gas price deregulation. Such
windfall revenues shall be those monies accruing to the state above a "base" which, for the
purposes of this Chapter, is defined as the estimated level of collections from oil, gas, and
other severance taxes and oil and gas production royalties in fiscal year 1980-81, those
collections to be specified as one billion and eighty-five million dollars ($1,085,000,000) and
comprised of:
(1) seven hundred sixty million dollars ($760,000,000) from oil, gas, and other
severance taxes, and
(2) three hundred twenty-five million dollars ($325,000,000) from oil and gas royalty
payments, excluding bonuses and rentals.
The above defined "base" shall be used to calculate the windfall revenues for fiscal
year 1981-82. The treasurer shall determine each fiscal year subsequent to fiscal year 1981-82 a new "base" which shall be determined by multiplying the "base" for the previous fiscal
year by the most recent annual change in the Consumer Price Index and then adding that
product to the "base" for the previous year.
NOTE: §302 as repealed if and when the proposed amendment of Article VII and Article
IX of the Constitution of Louisiana contained in Act No. 199 of the 2023 Regular Session
of the Legislature is adopted at a statewide election and becomes effective. See Acts 2023,
No. 345.
§302. Repealed by Acts 2023, No. 345, §2, see Act.
Added by Acts 1979, No. 577, §1; Acts 1979, No. 791, §1, eff. July 18, 1979.
Amended by Acts 1980, No. 728, §3; Acts 1981, Ex.Sess., No. 41, §1, eff. Nov. 23, 1981;
Acts 2023, No. 345, §2, see Act.