2023 Legislative Session brings successful actions to the Capital Region
BATON ROUGE, La. (June 12, 2023) — The Baton Rouge Area Chamber (BRAC) today applauds the progress of work by the Louisiana Legislature as the 2023 legislative session adjourned yesterday evening. Legislative wins this session included the passage of three BRAC-authored bills, renewal of vital economic development tools, and additional funding for projects that strengthen the region’s economic competitiveness, amongst other successes.
“This session, we saw the passage of many pro-economic development bills that will enhance the Capital Region’s ability to not only attract new businesses, but also young professional talent,” said Eric Thomas, chair of BRAC’s Advocacy Council and vice president and general manager of Nexstar Media. “Results spanned BRAC’s priority issue areas, including addressing public safety, enhancing quality of life and place amenities with a new attraction tool for concerts and festivals, and passing resolutions to help the state grow the transitional energy sector and more quickly reach net-zero.”
Some key wins for the Capital Region include:
- Secured investments for transitional energy: The legislature passed HB 571 by Rep. Schexnayder, which sets up a framework for carbon capture and sequestration projects, including a revenue-sharing arrangement for local governments.
- Renewed vital economic development tools: Lawmakers renewed three key incentive programs, including SB 69 by Sen. Foil extending the Research and Development (R&D) Tax Credit, HB 562 by Rep. Schexnayder extending the Film Tax Credit, and SB 108 by Sen. Harris extending the sunset on the Angel Investor Tax Credit.
- Expanded tools to attract more headline concerts and entertainment to EBR: BRAC, Visit Baton Rouge, and the City of Baton Rouge passed HB 450 by Rep. Freiberg to attract more large shows and festivals, expanding the ability for East Baton Rouge Parish to offer a local sales tax rebate on admission to major live music and entertainment events that meet minimum paid attendance requirements.
- Secured key funding: Key projects and amenities, including the Raising Cane’s River Center, Baton Rouge Metropolitan Airport, the allied health facility at the Baton Rouge Community Center, the Pete Maravich Assembly Center, Southern University’s STEM complex, economic development sites and marketing, and more, received additional funding, which will be key in improving quality of life and place in the Capital Region.
- Other legislative actions: BRAC will highlight another key session achievement in the coming days.
“This legislative session was strong on innovation,” said Adam Knapp, BRAC president & CEO. “The legislature stayed the course on angel investment for startups, renewed key incentives to increase private research and development, and largely agreed on creating a supportive political environment for carbon capture and sequestration to help drive forward the state’s new energy future. These legislative actions are what will help drive innovation in our region and state to be more economically competitive for new businesses and talent.”
BRAC released its 2023 legislative session wrap-up at brac.org/legislative-priorities.
About the Baton Rouge Area Chamber
The Baton Rouge Area Chamber (BRAC) is an aggressively ambitious regional economic development organization with a bias for action. BRAC seeks to push Baton Rouge beyond the status quo, unleash its potential, and support a vibrant business community that believes the finish line does not exist. BRAC seeks to accelerate economic opportunity in the Baton Rouge Area, for everyone, through BRING IT! Baton Rouge, its five-year, regional strategic plan. Learn more about BRAC at brac.org.