HLS 19RS-928 ORIGINAL
2019 Regular Session
HOUSE BILL NO. 549
BY REPRESENTATIVE JEFFERSON
TAX: Adds students located in opportunity zones to the property eligible to participate in
the Restoration Tax Abatement program
1 AN ACT
2To amend and reenact R.S. 47:4311 and 4313(A)(1); relative to the Restoration Tax
3 Abatement program; to add opportunity zones to property eligible for the program;
4 to provide an effective date; and to provide for related matters.
5Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 47:4311 and 4313(A)(1) are hereby amended and reenacted to read
7as follows:
8 §4311. Findings and purpose
9 It is recognized as essential to the continued growth and development of the
10 state and to the continued prosperity and welfare of the people of the state that the
11 expansion, restoration, improvement, and development of existing commercial
12 structures and owner-occupied residences in downtown, historic, and economic
13 development districts, and opportunity zones be encouraged in order to provide for
14 the development and improvement of local communities, the fullest use of
15 underutilized resources, and the enhancement of the tax base. For these reasons the
16 legislature proposed and the people of Louisiana adopted Article VII, Section 21(H)
17 of the Constitution of Louisiana to provide a means by which owners of such
18 properties who expand, restore, improve, or develop them may pay ad valorem taxes
19 for five years based upon the assessed valuation of the property for the year prior to
20 the commencement of the expansion, restoration, improvement, or development. It
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 19RS-928 ORIGINAL
HB NO. 549
1 is the purpose of this Chapter to provide the procedures and conditions for the
2 granting of contracts for such purpose by the State Board of Commerce and Industry
3 in accordance with the provisions of the Louisiana Constitution.
4 * * *
5 §4313. Contracts of limited exemption
6 A.(1) The board, with the approval of the governor and the local governing
7 authority, may enter into a contract granting to a property owner who proposes the
8 expansion, restoration, improvement, or development of a commercial structure or
9 structures or an owner-occupied residence in a downtown, historic, or economic
10 development district, or opportunity zone the right for five years after completion of
11 the work to pay ad valorem taxes based upon the assessed valuation of the property
12 for the year prior to the commencement of the expansion, restoration, improvement,
13 or development.
14 * * *
15 Section 2. This act shall become effective July 1, 2019 and shall be applicable to all
16applications received on or after July 1, 2019.
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 549 Original 2019 Regular Session Jefferson
Abstract: Adds structures located in opportunity zones to the property eligible to
participate in the Restoration Tax Abatement proposal
Present law authorizes the Restoration Tax Abatement program which allows owners of
commercial structures or an owner-occupied residence in a downtown, historic, or economic
development district who expand, restore, improve, or develop eligible property to pay ad
valorem taxes for five years based upon the assessed valuation of the property for the year
prior to the commencement of the expansion, restoration, improvement, or development.
Proposed law retains present law and adds opportunity zones to the types of property eligible
for the Restoration Tax Abatement program.
Effective July 1, 2019, and applicable to all applications received on or after July 1,
2019.
(Amends R.S. 47:4311 and 4313(A)(1) )
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.