Increases the amount of the tax credit for the rehabilitation of certain residential structures and extends the taxable periods in which the tax credit applies (EN DECREASE GF RV See Note)
Impact
The passage of HB 348 is expected to have a significant impact on state laws concerning individual income taxes and housing rehabilitation. It offers financial incentives for homeowners to restore or renovate older properties, which are crucial for maintaining the architectural heritage of communities. The tax credits serve not only as a means to stimulate economic activity through construction and improvement projects but also as a strategy for urban development and historical preservation. Overall, this initiative could lead to revitalized neighborhoods, contributing to local economies.
Summary
House Bill 348 aims to increase the tax credit for the rehabilitation of certain residential structures in Louisiana and to extend the period during which these credits can be claimed. The bill amends previous tax legislation to reduce the threshold for rehabilitation costs that qualify for these credits. Specifically, it increases the allowable credit amounts for owners of eligible structures, which include those located in historic districts or those certified as contributing to local heritage. By doing so, the legislation seeks to promote the preservation of historic residences and encourage investment in such properties to improve their condition and ultimately their property values.
Sentiment
The sentiment surrounding HB 348 appears to be largely positive, with many lawmakers and community advocates supporting the measure as a means of preserving cultural history and enhancing residential environments. Supporters argue that the increased tax credit will spur economic development and stability in local housing markets while promoting heritage conservation. However, some concerns have been expressed regarding the long-term fiscal implications of increased tax credits on state revenue. Overall, the bill seems to resonate with stakeholders interested in historic preservation and community improvement.
Contention
Despite the broad support for HB 348, notable points of contention include debates over the efficiency and utilization of the tax credits and the potential burden on the state's budget. Some lawmakers question whether the expected rise in property values and community investment will offset the costs incurred from additional tax credits. The bill's critics are wary of long-term financial strain on state resources, especially considering the duration of the taxable periods for which credits apply. Balancing heritage preservation with fiscal responsibility remains a central theme in discussions surrounding the legislation.
Extends applicability of the tax credit for the rehabilitation of certain residential structures and extends the tax credit to rehabilitated residential structures located in a federal designated HUBZone (OR DECREASE GF RV See Note)
Extends applicability of the tax credit for the rehabilitation of certain historic structures and extends the tax credit to rehabilitated structures located in a federal designated HUBZone (OR DECREASE GF RV See Note)
Provides for credit from income tax for eligible costs and expenses incurred during the rehabilitation of certain residential structures in storm impacted or economically depressed areas. (8/15/11)
Extends the tax credit for the rehabilitation of historic structures and provides for the applicability of such credit. (gov sig) (EG DECREASE GF RV See Note)
Extends the sunset of the tax credit for rehabilitation of historic structures to January 1, 2026, and limits the maximum amount of credits awarded in a calendar year (RE1 DECREASE GF RV See Note)