TAX/AD VALOREM-EXEMPTION: Provides relative to an optional exemption of business inventory from ad valorem taxes and a partial exemption for that property based on fair market value adjustments (OR SEE FISC NOTE SD EX)

Summary

The bill lets each parish choose to gradually eliminate ad valorem taxes on business inventory, either completely or by lowering the assessed fair market value percentage. Parishes that adopt a full exemption receive a state payment based on the 2026 tax revenue or a minimum amount, while partial exemptions require written notification to the Tax Commission. This aims to reduce tax burdens on businesses while compensating local governments.

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