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 433 Original 2015 Regular Session Jackson
Abstract: Prohibits tax credits for the rehabilitation of historic structures earned on or after July 1,
2015, from being carried forward and used against subsequent tax liability or from being sold
to other taxpayers.
Present law provides for an income and corporation franchise tax credit for expenses incurred during
the rehabilitation of a historic structure located in a downtown development or a cultural product
district. The amount of the credit shall not exceed 25% of the eligible costs and expenses of the
rehabilitation. Present law prohibits a taxpayer from claiming more than $5 million of credit
annually for structures rehabilitated within a particular downtown development or cultural district.
Present law provides that if the amount of the tax credit exceeds income taxes due, the unused credit
may be carried forward as a credit against subsequent tax liability for a period not to exceed five
years. Further provides that persons awarded tax credits pursuant to present law may elect to sell
their unused tax credits to one or more individuals or entities.
Proposed law changes present law by eliminating the five-year carryforward period for unused tax
credits and prohibits credits from being sold to other taxpayers for any credits awarded on or after
July 1, 2015.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 47:6019(A)(3)(a) and (b)(i)(aa))