ENROLLED
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ACT No. 412
Regular Session, 2011
HOUSE BILL NO. 348
BY REPRESENTATIVES LEGER, ABRAMSON, ARMES, ARNOLD, AUSTI N BADON,
BALDONE, BARRAS, BROSSETT, BURFORD, HENRY BURNS, BURRELL,
CARMODY, CARTER, CHANDLER, DIXON, DOERGE, GISCLAIR, GREENE,
GUINN, HARDY, HARRISON, HAZEL, HENDERSON, HINES, GIROD
JACKSON, ROSALIND JONES, SAM JONES, LIGI, LORUSSO, MCVEA,
MONTOUCET, MORENO, NOWLIN, RICHARD, ROBIDEAUX, ROY, GARY
SMITH, PATRICIA SMITH, STIAES, TALBOT, TEMPLET, AND WILLIAMS
AND SENATORS HEITMEIER, MORRELL, THOMPSON, AND WILLARD-
LEWIS
AN ACT1
To amend and reenact Section 2 of Act No. 479 of the 2005 Regular Session of the2
Legislature, as amended by Act No. 188 of the 2007 Regular Session of the3
Legislature, and R.S. 47:297.6(A)(1), relative to individual income tax credits; to4
decrease the amount of rehabilitation costs which qualify for the tax credit; to5
increase the amount of the tax credit for the rehabilitation of certain residential6
structures; to extend the taxable periods in which the tax credit shall be applicable;7
to provide for an effective date; and to provide for related matters.8
Be it enacted by the Legislature of Louisiana:9
Section 1. Section 2 of Act No. 479 of the 2005 Regular Session of the Legislature,10
as amended by Act No. 188 of the 2007 Regular Session of the Legislature, is hereby11
amended and reenacted to read as follows:12
Section 2. This Act shall become effective and credit may be given for all13
taxable years beginning after December 31, 2005, until and including the tax years14
beginning on or before December 31, 2012 January 1, 2016.15
Section 2. R.S. 47:297.6(A)(1) is hereby amended and reenacted to read as follows:16
ยง297.6. Reduction to tax due; rehabilitation of residential structures17
A.(1) There shall be a credit against individual income tax liability due under18
this Title for the amount of eligible costs and expenses incurred during the19
rehabilitation of an owner-occupied residential or owner-occupied mixed use20 ENROLLEDHB NO. 348
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structure located in a National Register Historic District, a local historic district, a1
Main Street District, a cultural products district, or a downtown development district,2
or such owner-occupied residential structure which has been listed or is eligible for3
listing on the National Register, or such structure which has been certified by the4
State Historic Preservation Office as contributing to the historical significance of the5
district, or a vacant and blighted owner-occupied residential structure located6
anywhere in the state that is at least fifty years old. The tax credit authorized7
pursuant to this Section shall be limited to one credit per structure rehabilitated. The8
total credit shall not exceed twenty-five thousand dollars per structure. In order to9
qualify for that credit, the rehabilitation costs of for the structure must exceed twenty10
ten thousand dollars.11
(a) If the credit is for the rehabilitation of an owner-occupied residential12
structure, the credit shall be twenty-five percent of the eligible costs and expenses13
of a rehabilitation for which an application for credit has been filed for the first time14
after July 1, 2011. The credit shall be calculated using the following percentages of15
the eligible costs and expenses of the rehabilitation based on the adjusted gross16
income of the owner-occupant. If the residential structure is owned and occupied by17
two or more individuals, the applicable percentage shall be based on the sum of the18
adjusted gross incomes of all owner-occupants who contribute to the rehabilitation,19
and the credit will be divided between the owner-occupants in proportion to their20
contribution to the eligible costs and expenses. , unless they agree to an alternate21
division as follows:22
(a) If the adjusted gross income is less than or equal to fifty thousand dollars,23
the credit shall be twenty-five percent of the eligible costs and expenses of the24
rehabilitation.25
(b) If the adjusted gross income is greater than fifty thousand dollars and less26
than or equal to seventy-five thousand dollars, the credit shall be twenty percent of27
the eligible costs and expenses of the rehabilitation.28 ENROLLEDHB NO. 348
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(c) If the adjusted gross income is greater than seventy-five thousand dollars1
and less than or equal to one hundred thousand dollars, the credit shall be fifteen2
percent of the eligible costs and expenses of the rehabilitation.3
(d) If the adjusted gross income is greater than one hundred thousand dollars,4
the credit is only available (b) If the credit is for the rehabilitation of a vacant and5
blighted owner-occupied residential structure that is at least fifty years old, and the6
credit shall be ten fifty percent of the eligible costs and expenses of the rehabilitation7
a rehabilitation for which an application for credit has been filed for the first time8
after July 1, 2011.9
* * *10
Section 3. This Act shall become effective upon signature by the governor or, if not11
signed by the governor, upon expiration of the time for bills to become law without signature12
by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If13
vetoed by the governor and subsequently approved by the legislature, this Act shall become14
effective on the day following such approval.15
SPEAKER OF THE HOUSE OF REPRESENTATI VES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED: