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 806 Original 2015 Regular Session Adams
Abstract: Changes the tax credit for the rehabilitation of residential structures from a refundable
credit to a credit in which amounts of the credit above the tax liability may be carried forward
and applied against subsequent tax liability for up to five years.
Present law provides for an individual income tax credit for eligible costs and expenses incurred
during the rehabilitation of owner-occupied residential or owner-occupied mixed use structures
located in certain districts, owner-occupied residential structures listed in or eligible to be listed on
the National Register or which has been certified by the State Historic Preservation Office as
contributing to the historical significance of the district, or a vacant and blighted owner-occupied
residential structure that is at least 50 years old. Only one credit may be claimed per rehabilitated
structure and the total amount of the credit shall not exceed $25,000. In order to qualify for the
credit, the rehabilitation costs must exceed $10,000.
Present law provides that the taxpayer is entitled to a refund for any allowable credit which exceeds
the aggregate tax liability of the taxpayer. The department is required to pay the refund from current
tax collections.
Proposed law changes the tax credit from a refundable credit to one in which credit amounts which
exceed taxpayer liability may be carried forward against subsequent individual income tax liability
for up to five years.
(Amends R.S. 47:299.6(A)(4))