Louisiana Revised Statutes 30:302 – Louisiana Investment Fund for Enhancement (L.I.F.E.); established
Terms Used In Louisiana Revised Statutes 30:302
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
There is hereby established a fund in the state treasury to be known as the Louisiana Investment Fund for Enhancement (L.I.F.E.), hereafter referred to as the “fund”, into which the state treasurer shall each fiscal year, and beginning with the 1981-82 fiscal year, deposit from the revenues produced from the production of oil and gas within the state, after those revenues have been deposited in the Bond Security and Redemption Fund and remittance has been made to political subdivisions as required by La. Const. Art. VII, § 4 , a portion of windfall revenues from oil and gas price deregulation. Such windfall revenues shall be those monies accruing to the state above a “base” which, for the purposes of this Chapter, is defined as the estimated level of collections from oil, gas, and other severance taxes and oil and gas production royalties in fiscal year 1980-81, those collections to be specified as one billion and eighty-five million dollars ($1,085,000,000) and comprised of:
(1) seven hundred sixty million dollars ($760,000,000) from oil, gas, and other severance taxes, and
(2) three hundred twenty-five million dollars ($325,000,000) from oil and gas royalty payments, excluding bonuses and rentals.
The above defined “base” shall be used to calculate the windfall revenues for fiscal year 1981-82. The treasurer shall determine each fiscal year subsequent to fiscal year 1981-82 a new “base” which shall be determined by multiplying the “base” for the previous fiscal year by the most recent annual change in the Consumer Price Index and then adding that product to the “base” for the previous year.
NOTE: §302 as repealed if and when the proposed amendment of Article VII and La. Const. Art. IX of Louisiana contained in Act No. 199 of the 2023 Regular Session of the Legislature is adopted at a statewide election and becomes effective. See Acts 2023, No. 345.
§302. Repealed by Acts 2023, No. 345, §2, see Act.
Added by Acts 1979, No. 577, §1; Acts 1979, No. 791, §1, eff. July 18, 1979. Amended by Acts 1980, No. 728, §3; Acts 1981, Ex.Sess., No. 41, §1, eff. Nov. 23, 1981; Acts 2023, No. 345, §2, see Act.