Louisiana House Bill HCR87

Louisiana 2020 Regular Session

• Introduced: 5/13/20
• Refer: 5/13/20
• Report Pass: 5/18/20
• Engrossed: 5/21/20
• Refer: 5/22/20

Caption

Urges and requests that any proclamation convening an extraordinary session of the legislature in 2020 include an extension of effectiveness and changes to eligibility requirements of the rehabilitation of historic structures tax credit

Impact

HCR87 seeks to maintain and enhance the rehabilitation of historic structures tax credit, which has played a critical role in revitalizing blighted areas and encouraging investments. This tax credit has not only supported the preservation of historic buildings but has also been an effective tool for economic recovery following natural disasters and recessions. Studies indicate that for every dollar spent in tax credits, there is significant economic activity generated, showcasing its broad impact on jobs and local economies.

Summary

House Concurrent Resolution 87 (HCR87) urges the Louisiana legislature to extend the effectiveness of the rehabilitation of historic structures tax credit incentive. This resolution is particularly motivated by the economic challenges faced due to the COVID-19 pandemic, which has impacted many businesses in the hospitality sector and created halts in ongoing historic rehabilitation projects. It emphasizes the need for continued investments in redeveloping historic sites in cultural districts to spur economic growth and revitalize communities through the preservation of their historical structures.

Sentiment

The sentiment surrounding HCR87 appears to be largely supportive among legislators and advocates for historic preservation. They view the rehabilitation tax credit as a vital incentive that fosters private-sector investment and enhances the character of Louisiana’s communities. However, the resolution has also surfaced discussions regarding its long-term effectiveness and eligibility requirements, which could lead to further legislative discussions or modifications to the program.

Contention

While the resolution itself does not propose direct changes to the existing laws, it underscores the importance of legislative action to continue supporting the historic rehabilitation efforts. Notably, the bill calls for improvements to the eligibility requirements to potentially widen the scope of the credit, including encouraging investments in opportunity zones. This raises questions about how best to balance the need for local economic support with the potential for overextending resources, making it an area for ongoing debate.