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What
Properties Qualify:
The tax abatement program is available for buildings individually listed
in the National Register of Historic Places or buildings that
are considered historic components of Register districts. It
is also available for existing buildings in downtown or economic development
districts. It should be noted that, unlike the federal historic preservation
tax credit program, the state tax abatement program can be used both
for commercial structures and owner-occupied private homes. Improvement
projects proposed for historic buildings (i.e., listed individually
on the National Register or historic components of Register
districts) must be approved by the Louisiana Division of Historic Preservation.
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Owners
restoring historic buildings in downtown or economic development districts
may also apply for the Restoration Tax Abatement.
(Brusly Building, Iberville Parish) |
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Financial
Considerations:
Unlike the federal tax credit program, the State Restoration Tax Abatement
Program does not generally have a financial threshold requirement for
commercial structures. That is, for most projects, there is no set minimum
amount of money an owner must spend in order to qualify. In most cases
any project, however small, would be acceptable. The only exception
to this is that, on owner-occupied dwellings, projects must be valued
at least 25% of the assessed valuation of the building. In this case,
the assessed valuation is generally figured at 10% of the appraised
market value.
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The
Restoration Tax Abatement is also available to property owners who restore
homes within National Register Historic Districts like Alexandria's
Garden District. |
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Another
important feature of the state tax abatement program is that, in
most cases, the financial benefit applies to additions to a building
as well as to work on the building itself, thus increasing the tax
savings. An owner's tax abatement is established by a contract through
the Louisiana Department of Economic Development with the Board
of Commerce and Industry.
For
more information, please contact:
Restoration
Tax Abatement Program
Business Incentives Division
Office of Business Development
Department of Economic Development
P. O. Box 94185
Baton Rouge, LA 70804-9185
Phone (225) 342-5402
Related
Link:
Department
of Economic Development's Restoration Tax Abatement Program
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Office
of Cultural Development |
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