DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of the
legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of the law
or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 387 Reengrossed 2015 Regular Session Leger
Abstract: Extends the sunset for the tax credit for the rehabilitation of nonresidential historic
structures from Jan. 1, 2018 to Jan. 1, 2022 and provides for certain eligibility requirements.
Present law provides for an income or corporation franchise tax credit for the amount of eligible
costs and expenses incurred during the rehabilitation of a historic structure located in a downtown
development district or a cultural district. Provides for an application fee. The credit shall not
exceed 25% of the eligible costs and expenses and no taxpayer shall claim more than $5 million of
credit annually for any number of structures rehabilitated within a particular downtown development
or cultural district. The credit sunsets on Jan. 1, 2018.
Proposed law retains present law but prohibits those projects whose rehabilitation costs and expenses
are paid for with state or federal funds from being eligible to receive the tax credit, unless the state
or federal funds used are reported as taxable income or are structured as repayable loans.
Proposed law further directs the state historic preservation office to consult with the Dept. of
Revenue in determining the amount of the application fee to be collected and requires that the
application fee be distributed equitably between the entities.
Proposed law changes present law by extending sunset of the program from Jan. 1, 2018 to taxable
years ending prior to Jan. 1, 2022.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 47:6019(A)(2)(c) and (C); Adds R.S. 47:6019(A)(1)(c))