Regular Session News #5: Amended Turner bill moves on; directs portion of sales/use tax to system debt
Apr 20, 2023
On Wednesday, the House Appropriations Committee amended and favorably reported House Bill 170 (Rep. Turner).
HB 170 would create a special fund in the state treasury for the purpose of paying down TRSL’s oldest debt schedule, known as the original amortization base (OAB). A portion of the 0.45% state sales and use tax would be deposited into the fund to allow for monthly payments toward the OAB, beginning July 1, 2023.
The amendments set out the process by which the retirement system could make withdrawals from the fund to make monthly payments toward the debt. The amendments also direct that the monthly payments received by the system will replace the payments towards the OAB that would otherwise be paid by employers.
HB 170 now moves to the full House for consideration.
TRSL will keep you informed about the status of bills being monitored throughout the session. You can view all meeting schedules and agendas on the Louisiana State Legislature website. Visit the Legislature page of this website, to see all legislation impacting the retirement system.
Stay tuned for future updates.
HB 170 would create a special fund in the state treasury for the purpose of paying down TRSL’s oldest debt schedule, known as the original amortization base (OAB). A portion of the 0.45% state sales and use tax would be deposited into the fund to allow for monthly payments toward the OAB, beginning July 1, 2023.
The amendments set out the process by which the retirement system could make withdrawals from the fund to make monthly payments toward the debt. The amendments also direct that the monthly payments received by the system will replace the payments towards the OAB that would otherwise be paid by employers.
HB 170 now moves to the full House for consideration.
TRSL will keep you informed about the status of bills being monitored throughout the session. You can view all meeting schedules and agendas on the Louisiana State Legislature website. Visit the Legislature page of this website, to see all legislation impacting the retirement system.
Stay tuned for future updates.