The Louisiana Department of Revenue (LDR) has issued Revenue Information Bulletin 14-007: Louisiana Rehabilitation of Historic Structures Tax Credit.
Act 418 of the 2013 Regular Session enacted the Louisiana Tax Credit Registry Act to establish a central tax credit registry within the Department of Revenue for the registration and recordation of transferable tax credits granted, issued and authorized by the state. The Louisiana Rehabilitation of Historic Structures Tax Credit is one of several tax credit programs that the Department of Revenue (LDR) will be required to track in the Registry. This credit is allowed for the eligible costs and expenses incurred during the rehabilitation of a historic structure located in a downtown development or a cultural district. Eligible structures must be nonresidential real property or residential rental property. (R.S. 47:6019(A)(2)(b)) The credit shall not exceed twenty-five percent of the eligible costs and expenses of the rehabilitation and no taxpayer, or any entity affiliated with such taxpayer, shall claim more than $5,000,000 of credit annually for any number of structures rehabilitated within a particular downtown development or cultural district. (R.S. 47:6019(A)(1)(a)) The credit is earned only in the year in which the property attributable to the expenditures is placed in service. (R.S. 47:6019(A)(1)(b))
After the State Historic Preservation Office (SHPO) has certified the rehabilitation, LDR Secretary may deem an application for credit approved for purposes of the Registry. This Revenue Information Bulletin will set forth the guidelines for the recordation and approval of the Rehabilitation of Historic Structures Tax Credit by the SHPO and LDR.