Section 47:1720 - [See Note] Business inventory; fair market value adjustmentA.(1) For purposes of ad valorem taxation, a parish governing authority may elect to reduce the percentage of fair market value applicable to property considered business inventory. For purposes of this Section, the term "business inventory" shall have the same meaning as the term is defined in R.S.47:1702.(2) The reduction in the percentage of fair market value for business inventory shall only apply in parishes in which the sheriff, school board, and the parish governing authority elect to reduce the percentage of fair market value applicable to business inventory. However, the percentage of fair market value applicable to business inventory shall never be higher than the percentage applicable to business inventory pursuant to Article VII, Section 32(B) of the State Constitution.(3) The parish election to reduce the percentage of fair market value applicable to business inventory shall be evidenced in writing and shall be submitted to the Louisiana Tax Commission and the appropriate tax assessor within ten calendar days of the execution of the agreement between the sheriff, school board, and the parish governing authority to reduce the percentage of fair market value applicable to business inventory. The written documentation shall contain the new percentage of fair market value applicable to business inventory in the parish and shall indicate the taxable periods to which the reduced percentage shall apply. The Louisiana Tax Commission shall include all written notifications received from parishes indicating a reduction of the percentage of the fair market value applicable to business inventory in the commission's annual reports.B. Any decrease in the total amount of ad valorem tax collected by a taxing authority as a result of the reduction of the percentage of fair market value applicable to business inventory authorized in this Section shall be absorbed by the taxing authority and no additional tax liability for taxpayers in the taxing district shall be created as a result of any subsequent reappraisal and valuation or millage adjustment. Implementation of the reduction of the percentage of fair market value applicable to business inventory authorized in this Section shall neither trigger nor be cause for a reappraisal of property or an adjustment of millages pursuant to R.S. 47:1719. Added by Acts 2024EX3, No. 12,s. 1, eff. .