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Committee clears $90 million revenue sharing distribution formula to offset homestead exemption losses
Summary
Senate Finance reported House Bill 462 favorably; the bill distributes the constitutionally required $90 million to local governments using an 80/20 population‑to‑homestead weighting formula.
House Bill 462, the revenue‑sharing bill, was reported favorably by the Senate Finance Committee. The bill distributes the constitutionally allocated $90 million to local governments to offset losses from the homestead exemption.
Committee staff summarized that Article 7, Section 26 of the Louisiana Constitution requires a minimum of $90 million annually to be distributed to local governments based proportionally on population and number of homesteads in each parish. Historically the distribution uses an 80% weight on proportionate population and 20% weight on proportionate homesteads; the bill implements that allocation formula and is found on page 41 of the bill text before the committee.
The Senate had no finance amendments and the committee made a motion to report House Bill 462 favorably. Senator Cloud moved to report the bill; the motion carried with no objection recorded in the transcript. The committee did not record a roll call.
The committee’s summary indicates the bill will advance to the Senate for further consideration with the standard distribution formula applied.
