Proposed Constitutional Amendment adds an exemption from ad valorem taxation for property that is subject to a cooperative endeavor agreement between the owner and one or more taxing authorities which requires the property owner to make payments in lieu of taxes. Further provides that property eligible for the exemption shall be limited to a new manufacturing establishment or an addition to an existing manufacturing establishment.

Proposed Constitutional Amendment provides the exemption shall be to the extent agreed to and provided for in the cooperative endeavor agreement and requires the property exempted to be listed on the assessment rolls and submitted to the Louisiana Tax Commission.

Proposed Constitutional Amendment provides that enactment of any law to implement the provisions relating to the exemption and any amendment to that law shall require a 2/3 vote of the elected members of each house of the legislature.