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.

Visit revenue.louisiana.gov to read the full text of RIB 14-007-A.

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IRS: 'Oct. 17 is Last Day for Businesses to Request Tax Credit Certification for Some New Hires'

WASHINGTON ― Businesses planning to claim the recently-expanded work opportunity tax credit for eligible unemployed veterans and disconnected youth hired before mid-September now have until Oct. 17 to request the certification required for these workers, according to the Internal Revenue Service.

In Notice 2009-69, released in August, the IRS extended the certification deadline from Aug. 17, 2009, to Oct. 17, 2009, and clarified the definition of “disconnected youth.” Revised Form 8850 , available on IRS.gov, is used by employers to request certification from their state workforce agency.

The American Recovery and Reinvestment Act, enacted in February, added unemployed veterans returning to civilian life and certain younger workers, referred to as disconnected youth, to the list of groups covered by the credit.

Normally, a business must file Form 8850 with the state workforce agency within 28 days after the eligible worker begins work. But under a special rule, businesses have until Oct. 17, 2009, to file this form for unemployed veterans and disconnected youth who begin work on or after Jan. 1, 2009 and before Sept. 17, 2009. The instructions for Form 8850 provide details on requesting the certification.

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