Revenue Information Bulletin 14-007-A: Louisiana Rehabilitation of Historic Structures Tax Credit For Projects Less Than $500,000 of Eligible Costs and Expenses
The Louisiana Rehabilitation of Historic Structures Tax Credit is a credit against income and corporate franchise tax for the amount of 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. This Revenue Information Bulletin will set forth the guidelines for the approval of the Rehabilitation of Historic Structures Tax Credit by the SHPO and LDR for those projects that are less than $500,000 of eligible costs and expenses.