SB 515

SLS 26RS-1460  ORIGINAL
 2026 Regular Session
 SENATE BILL NO. 515
 BY SENATORS DUPLESSIS, FOIL, MIZELL AND PRESSLY
 FUNDS/FUNDING. Provides relative to the Small Business Innovation Retention Fund.
 (8/1/26)
1AN ACT
2 To amend and reenact R.S. 51:2401(B) and (C), relative to the Small Business Innovation
3Retention Fund; to provide for certain small business grants; to provide for the
4authority of the Department of Economic Development; to provide for terms and
5conditions; and to provide for related matters.
6 Be it enacted by the Legislature of Louisiana:
7Section 1. R.S. 51:2401(B) and (C) are hereby amended and reenacted to read as
8 follows:
9§2401. Small Business Innovation Retention Fund; purpose; program administration
10*       *      *
11B. The monies in the fund shall be used to provide financial assistance, to
12certain Louisiana businesses that have received competitively awarded federal
13grants, including the certain Small Business Innovation Research, hereinafter
14referred to as "SBIR", or the Small Business Technology Transfer, hereinafter
15referred to as "STTR", federal grants.
16C. After compliance with the requirements of Article VII, Section 9(B) of the
17Constitution of Louisiana relative to the Bond Security and Redemption Fund, all
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  Coding: Words which are struck through are deletions from existing law;
  words in boldface type and underscored are additions.
SLS 26RS-1460  ORIGINAL
  SB NO. 515
1monies received for the purpose of the fund, including but not limited to state or
2federal funding sources, shall be deposited into the fund.
3*       *       *
  The original instrument and the following digest, which constitutes no part
  of the legislative instrument, were prepared by Senate Legislative Services.
  The keyword, summary, and digest do not constitute part of the law or proof
  or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
  DIGEST
SB 515 Original  2026 Regular Session  Duplessis
Present law creates the Small Business Innovation Retention Fund (fund), as a special fund
in the state treasury. Further provides that monies in the fund shall be used to provide
financial assistance to certain La. businesses that have received Small Business Innovation
Research (SBIR) or Small Business Technology Transfer (STTR) federal grants.
Proposed law retains present law and clarifies that the businesses shall receive competitively
awarded federal grants, including SBIR or STTR.
Present law requires all monies within the fund to comply with Article VII, Section 9(B) of
the Constitution of La. relative to the Bond Security and Redemption Fund.
Proposed law retains present law and clarifies that the monies in the fund shall include but
are not limited to state or federal funding sources.
Effective August 1, 2026.
(Amends 51:2401(B) and (C))
  Page 2 of 2
  Coding: Words which are struck through are deletions from existing law;
  words in boldface type and underscored are additions.