Louisiana Governor Signs Law Exempting Property Destined to Outer Continental Shelf From Ad Valorem Tax

The Louisiana Governor June 24 signed a law extending the ad valorem tax exemption for raw materials, goods, commodities, and other property to property destined for the Outer Continental Shelf. The law includes measures: 1) changing the definition of “held in this state for the purposes of being exported” to raw materials, goods, commodities, and other activities held for maintenance with a destination to the Outer Continental Shelf; and 2) changing the definition of “stored in transit in the state” to raw materials, goods, commodities, and personal property stored for maintenance with a destination to the Outer Continental Shelf. The ...