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Friday, 08 July 2011 09:39
Jindal, Landrieu, Louisiana Officials Praise Historic Rehabilitation Tax Credits
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Louisiana Bill SigningGovernor Bobby Jindal, on Thursday,  signed into law HB 348 by Rep. Leger – a Governor’s Package Bill – that extends and improves the residential historic rehabilitation tax credit, and SB 63 by Sen. Murray – the duplicate of Governor’s Package Bill HB 349 – which extends the commercial historic rehabilitation tax credit. The Governor was joined by state and local officials to sign the two bills in New Orleans at the Saenger Theater, which will benefit from the commercial rehabilitation tax credit program. 

 Governor Jindal said, “Signing these bills into law encourages the restoration of some of our most beautiful and historic buildings and communities, which supports our continued economic growth and job creation. Louisiana, and New Orleans in particular, has a wonderful culture, a history rich in beautiful architecture, and unique neighborhoods of distinct charm.  These historic tax credits will help us revitalize and save this rich heritage of historic buildings for our children and the future.” 

Rep. Leger said, “I want to thank Gov. Jindal for making these tax credits a priority for this legislative session. These credits will work to keep the important work of rebuilding New Orleans going, while also incentivizing more economic activity in the region. The growth that these tax incentives will create will be well worth it – and I was happy to work with other members of the Legislature to make sure we got this done.” 

Sen. Chaisson said, “These credits will do a lot for the economy and history of New Orleans and the state – and I applaud Governor Jindal for working with the Legislature in getting these passed.” 

Mayor Mitch Landrieu said, “Extending state historic tax credits is a win-win for our city and state. They are vital for our economic development, historic preservation, and blight-fighting initiatives, and they will help move our recovery forward. For every dollar spent, these buildings push at least $3.22 into the economy once returned into commerce. The historic Saenger Theatre is just one example of many projects in New Orleans that will benefit from this extension.”


HB 348 by Representative Walt Leger extends and improves the residential historic rehabilitation tax credit, which allows homeowners rehabilitating historic or blighted homes to earn a state income tax credit on up to 25 percent of rehabilitation costs. This bill extends the sunset of the tax credit from December 31, 2012, to January 1, 2016, and also enacts several improvements that make the tax credit more accessible to homeowners. Specifically, it lowers the minimum rehabilitation costs to qualify from $20,000 to $10,000, allows any homeowner to access the 25 percent credit regardless of their income level, and raises the credit for blighted homes over fifty years old to 50 percent of rehabilitation costs.

 

Since 2006, the residential historic rehabilitation tax credit program has leveraged $4.1 million in private investment in Louisiana's historic homes. Approximately 43 new construction jobs have been created as a result of the program, and over $400,000 in tax credits have been generated. Through this program, 22 rehabilitation projects have been completed, and an additional 70 are underway all across the state.

 

SB 63 by Senator Murray extends the commercial historic rehabilitation tax credit, which allows taxpayers rehabilitating a historic structure located in a downtown development or cultural product district to earn a state income and corporation franchise tax credit on up to 25 percent of rehabilitation costs. SB 63 by Murray is a duplicate of HB 349 by Rep. Leger, a Governor’s Package bill to extend the sunset on the tax credit from January 1, 2012, to January 1, 2016.  


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