Present law provides for the assessment of public service properties, including major movable and other movable property, owned or used in Louisiana by companies operating inside and outside the state. Present law requires the Louisiana Tax Commission to allocate the assessed valuation of each company among the local taxing units on or before September first of each calendar year.

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Proposed law retains present law.

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Present law requires major movable or other movable property owned or used in Louisiana by a company having an agent or office in this state to be allocated to the taxing unit in which that agent or office is located.

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Proposed law retains present law.

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Present law requires certain major movable or other movable property owned or used in Louisiana by a company not a resident of, nor domiciled in Louisiana, and having no agent or office in this state to be allocated to East Baton Rouge Parish; provided, that in the event an assessor certifies to the tax commission that, as of January first, certain identifiable major movables were present in his parish, the tax commission is required to allocate the value of that major movable to the certifying parish.

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Proposed law retains present law. and further requires the Louisiana Tax Commission to promulgate regulations that establish an allocation methodology. When determining the allocation methodology, the Louisiana Tax Commission is required to consider the miles of all company track and rolling stock within parishes compared to the total amount of miles of company track and rolling stock within Louisiana and other relevant information.

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Proposed law requires the Louisiana Tax Commission to annually report the amount of the total assessed value to each parish based upon the allocation methodology established by regulation. Proposed law requires each parish to annually prepare a tax bill for the amount of the assessed value that is allocated to it and send a copy of the tax bill to East Baton Rouge Parish no later than 14 days after the parish's tax rolls are certified. Proposed law states that failure to provide East Baton Rouge Parish a copy of the tax bill may result in forfeiture of the taxes due.

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Proposed law requires East Baton Rouge Parish to prepare and send a single tax bill for each taxpayer that is inclusive of the total amount due to be remitted to all Louisiana parishes and to annually remit property taxes collected by the parish according to the allocation methodology. Proposed law authorizes East Baton Rouge Parish to retain an amount equal to actual expenses incurred not to exceed one percent of the total amount of property taxes collected by the parish in accordance with the allocation.

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Applicable for taxable periods on or after January 1, 2024.

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Effective upon signature of the governor or lapse of time for gubernatorial action.