Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Incentive Expenditure Forecast topic
No spam. Unsubscribe anytime.
State revises incentive expenditure forecast, removes inactive credits and notes enterprise-zone sunset
Summary
The Legislative Fiscal Office and Revenue Secretary reported updates to the state's incentive expenditure forecast, removing inactive credits and accounting for sunsetting programs such as the enterprise zone; the REC adopted the revised forecast.
Richard Nelson, secretary of revenue, presented a revised incentive expenditure forecast and said staff removed inactive credits and split credits that were sunsetting this year in response to recent changes enacted during the special session.
"You have the incentive, expenditure forecast that we we made a few changes to it based on, some of the changes we did in the special session to kind of break it up on those credits that were sunsetting this year," Nelson told the conference, and he invited questions.
Commissioner Barra asked about enterprise-zone projections and a large difference between the actuals and the forecast for a recent year. Nelson said the enterprise zone projections come from Louisiana Economic Development (LED) and that program applications must be in by June 30 for this year's sunset; he explained that payout patterns will trail as credits are paid out in later fiscal years.
Nelson also told the panel that parts of the technical enterprise and tax-expenditure reporting (TEBs) were delayed by staff workload tied to the special session, and the office expected to complete the TEBs in June.
The REC adopted the revised incentive expenditure forecast by motion (President Henry moved; Dr. Barnes seconded) without objection.
