GREEN SHEET REDIGEST
HB 387 2015 Regular Session Leger
(KEYWORD, SUMMARY, AND DIGEST as amended by Senate committee
amendments)
TAX/INCOME-CREDIT. Extends the sunset of the tax credit for the rehabilitation of
historic structures for nonresidential property and provides eligibility requirements
DIGEST
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 provides that the total amount of credits allowed in any taxable year shall not
exceed forty-five million dollars.
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, 2019.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 47:6019(A)(1)(a) and (2)(c) and (C); Adds R.S. 47:6019(A)(1)(c))
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Finance to the
reengrossed bill
1. Caps the total amount of annual tax credits at forty-five million dollars for
any taxable year.
2. Changes the sunset date from January 1, 2022 to January 1, 2019.
Page 1 of 1
Prepared by Jay Lueckel.