Louisiana Constitution of 1974 Art. VII, § 20.2. Ad Valorem Tax Exemption Funding

Section 20.2. There shall be a one-time payment from the Revenue Stabilization Trust Fund to each parish that elects to irrevocably exempt, in accordance with law, all business inventory within its boundaries from ad valorem tax. Any payment made pursuant to this Section shall be disbursed by the treasurer to the tax collector of the parish. The tax collector shall distribute the monies pro rata to each taxing authority that levies an ad valorem tax within the parish. The amount of the payment shall be calculated as provided by law and certified by the Department of Revenue. Notwithstanding any provision of this constitution to the contrary, monies shall be disbursed by the treasurer to the collector within thirty days of receipt of a certification from the secretary of the Department of Revenue that the parish has irrevocably elected to exempt business inventory from ad valorem tax.