Louisiana House Bill HB599

Louisiana 2013 Regular Session

• Introduced: 4/8/13
• Refer: 4/8/13

Caption

Provides relative to the tax credit for rehabilitation of historic commercial structures (OR DECREASE GF RV See Note)

Impact

The legislation is expected to have a positive impact on state laws related to historic preservation and economic development. By enabling the inclusion of insurance and severance taxes, the bill lowers the financial barriers for property owners who wish to engage in rehabilitation projects. Moreover, by catering to areas beyond major downtown districts, HB599 could stimulate growth in smaller municipalities, thereby promoting broader economic recovery and cultural revitalization. This could lead to increased tourism and community engagement in these regions.

Summary

House Bill 599, introduced by Representative Reynolds, aims to enhance the existing tax credit framework for the rehabilitation of historic commercial structures. The bill expands the types of taxes against which the credit can be claimed, now incorporating insurance premium and severance taxes as eligible expenses. Furthermore, it broadens the geographic scope of application from specifically designated downtown development and cultural product districts to include qualifying local districts, which covers smaller municipalities and aims to revitalize areas of historical significance.

Sentiment

Overall, the sentiment surrounding HB 599 appears favorable among stakeholders invested in economic development and historical preservation. Proponents argue that this legislation recognizes the economic potential in restoring historical sites and enhances the quality of life in these districts. However, there may be some reservations regarding the adequacy of funding and resources available to support the broader applicability of the tax credits, indicating a split among proponents of local versus state-level control over preservation efforts.

Contention

Notably, the bill's contention lies in its approach to expanding who benefits from tax credits. Some critics express concerns that while broadening the tax credit might assist smaller municipalities, it could dilute the focus on historically significant projects in densely populated areas. The discussions also highlight the need for careful oversight to ensure that the credits effectively support genuine rehabilitation efforts rather than incentivizing superficial adjustments. Ultimately, balancing the interests of various municipalities while promoting historical integrity is a central challenge.