HB-16 Introduced to expand Tax Credit to National Register Eligible Properties beyond DDDs and Cultural Districts
Thank you for your help in reaching out to Senators and asking for their support of HB-4, to extend the state historic tax credit program! It was passed by the Senate this Tuesday afternoon, with some last minute amendments. As the bill currently stands, it would extend the program for five more years, and places annual caps on the amount of the credit. It now goes back across to the House for discussion.
Another very important bill for historic preservation in our state is HB-16, introduced by Representative Michael Echols. This would extend the state historic tax credit program to properties individually listed or contributing to the National Register of Historic Places. It could provide an additional 10% of credit (total of 30%) to smaller projects and does include a cap. This would be available in municipalities with a population of less than 50,000 (rural areas and small towns). Click here for the language of HB-16.
We truly cover all 64 parishes of our state and see many historic buildings and communities with little opportunity or incentive for redevelopment. Currently, buildings must be within a LA Cultural District or Downtown Development District, in order to apply for the state historic tax credit program. Many rural areas (and especially former schools) do not have the context to establish these districts.
Senate Revenue and Fiscal Affairs Committee will consider HB-16 on Wednesday afternoon at 1:00. Please reach out to your Senator and Representative, and ask for their support of HB-16, to support historic preservation and economic development in the small towns and rural areas of our state.
Below are some examples of buildings and communities that could benefit from the passage of HB-16, additional images of National Register property opportunities available here. Thank you for your help and support!