Proposed Constitutional Amendment authorizes the Board of Commerce and Industry to enter into a contract granting an exemption from ad valorem property taxes for property owned or leased by, and used by, a targeted non-manufacturing business in the operation of its facility. Further provides that the exemption is available only to a business which has at least 50% of its total annual sales from its Louisiana site or sites to out-of-state customers or buyers, or to in-state customers or buyers for resale to an out-of-state customer or buyer for ultimate use, or to the federal government or any combination thereof.

Proposed Constitutional Amendment provides that the first $10,000,000 or 10% of fair market value, whichever is greater, of the facility property, the land underlying the facility and other property pertaining to the facility on which ad valorem taxes have previously been paid, inventories, consumables and property eligible for the manufacturing exemption shall not be exempt. Further provides that the contracts shall only be available in parishes which have agreed to participate in the program, in the manner provided by the legislature by law.