Louisiana Senate Bill SB64

Louisiana 2013 Regular Session

• Introduced: 4/8/13
• Refer: 4/8/13

Caption

Extends the tax credit for the rehabilitation of historic structures.

Impact

The proposed changes are expected to have significant implications for state laws pertaining to fiscal incentives for rehabilitation projects. By extending the tax credit period, SB64 aims to enhance the viability of projects aimed at restoring historic structures, especially in downtown areas or cultural product districts. This could result in increased investment in such projects, particularly benefiting local economies and promoting community revitalization efforts. Furthermore, it may encourage more property owners to engage in renovations that align with the state’s objectives for cultural preservation.

Summary

Senate Bill 64 is an extension of the tax credit for the rehabilitation of historic structures in Louisiana. This bill amends certain tax provisions to extend the effective period of the tax credit, which previously was applicable only for taxable years ending prior to January 1, 2016. The proposed legislation seeks to make this credit effective for taxable years ending prior to January 1, 2020. The intention is to incentivize the restoration of historic buildings, thereby preserving cultural heritage while also boosting local economies through development initiatives.

Sentiment

The sentiment surrounding SB64 appears to be generally favorable among stakeholders in the preservation and development communities. Supporters argue that extending the tax credit is a positive step towards fostering economic growth and encouraging investment in Louisiana’s historic properties. Many proponents believe that this bill supports both economic rejuvenation and cultural preservation, reflecting a shared interest in maintaining the state’s historical character. However, anecdotal opposition can arise from fiscal conservatives who may view tax credits as unnecessary financial burdens on the state budget.

Contention

While the bill enjoys support, there can be contention regarding the potential impact on state revenues due to the extended tax credits. Critics might argue about the sustainability of such tax incentives and whether they truly yield the anticipated economic benefits. Additionally, discussions may arise about the criteria for what constitutes a 'historic structure' and the administrative burden of managing and overseeing the rehabilitation projects funded under this tax credit. As with many tax-related legislative measures, balancing economic incentives with state fiscal responsibility remains a significant point of debate.