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.
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
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
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
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
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