Louisiana Constitution of 1974 Art. VII, § 20.1. Ad valorem tax; Business inventory tax exemption prohibition

Section 20.1. Notwithstanding any provision of this constitution to the contrary, the legislature shall not enact any law mandating any taxing authority to exempt business inventory from ad valorem tax. For purposes of this Section, “business inventory” means the aggregate of those items of tangible personal property that are held for sale in the ordinary course of business, are currently in the process of production for subsequent sale, or are to physically become a part of the production of such goods.