TAX/AD VALOREM TAX: (Constitutional Amendment) Authorizes parishes to exempt business inventory from ad valorem taxes and authorizes parishes to reduce the percentage of fair market value applicable to business inventory (EN SEE FISC NOTE GF EX See Note)

Deleted the requirement that sheriff, school board, and parish governing authority must all agree to exempt business inventory, allowing parishes to act independently.

Changed the funding provision from a mandatory one-time payment from the Revenue Stabilization Trust Fund to an optional payment that the state may make.

Delayed the effective date of the amendment from January 1, 2026, to January 1, 2027.

Updated the list of constitutional sections to be amended, removing Section 10.15 and Section 21(P) while adding Section 20.2.

The effective date for the tax exemption was moved forward from January 1, 2027, to January 1, 2026.

The election date for voters to approve the constitutional amendment was changed from November 3, 2026, to April 18, 2026.

A new provision was added stating that any payments to parishes for business inventory exemptions must be funded by a one-time transfer from the state's Revenue Stabilization Trust Fund.

The definition of 'business inventory' was slightly refined to explicitly include items currently in the process of production for subsequent sale.

Removed Section 20.2, which authorized the state to make a one-time payment to parishes that irrevocably exempt business inventory from ad valorem taxes.

Corrected the line numbering in the joint resolution and removed the reference to a non-existent Section 20.2 from the summary of changes in the ballot proposition.

Added a new property classification for 'public service property' limited to barge lines and towing vessels, distinct from general public service property.