Louisiana Governor Bobby Jindal signed into law HB 348, which extends and improves the residential historic rehabilitation tax credit, and the companion SB 63, which extends the commercial historic rehabilitation tax credit.

  • HB 348 by Representative Walt Leger extends and improves the residential historic rehabilitation tax credit, which allows homeowners rehabilitating historic or blighted homes to earn a state income tax credit on up to 25 percent of rehabilitation costs. This bill extends the sunset of the tax credit from December 31, 2012, to January 1, 2016, and also enacts several improvements that make the tax credit more accessible to homeowners. Specifically, it lowers the minimum rehabilitation costs to qualify from $20,000 to $10,000, allows any homeowner to access the 25 percent credit regardless of their income level, and raises the credit for blighted homes over fifty years old to 50 percent of rehabilitation costs.

  • SB 63 by Senator Murray extends the commercial historic rehabilitation tax credit, which allows taxpayers rehabilitating a historic structure located in a downtown development or cultural product district to earn a state income and corporation franchise tax credit on up to 25 percent of rehabilitation costs. SB 63 by Murray is a duplicate of HB 349 by Rep. Leger, a Governor’s Package bill to extend the sunset on the tax credit from January 1, 2012, to January 1, 2016.
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