Historic tax credit in jeopardy of being cut, could put rehab projects in limbo
OPELOUSAS, La. (KLFY) -- Over the past 20 years, the Louisiana historic tax credit program has helped small towns and downtowns across the state breathe new life into their vacant properties. But with the special legislative session kicking off this week in Baton Rouge, there is a chance those tax credit programs could be eliminated.
Brian Davis with Louisiana Trust for Historic Preservation said the historic tax credit program transformed Louisiana's commercial and tourism areas by providing tax breaks up to 35% for people who purchase or own buildings in historic districts, making it easier and more affordable to bring buildings back to life.
"We're really concerned about the potential loss of the state historic tax credit," Davis said. "It has become one of the nation's leading tax credit models for revitalizing historic commercial buildings. And these are buildings that are income-producing."
The impact of eliminating that tax credit program could be felt almost immediately in Opelousas, where downtown revitalization has been a major priority for the past several years. In fact, that tax credit program was a major selling point behind getting buyers to buy the vacant properties and bring them back to life.
"It really strengthened our downtowns and made them areas that people want to travel to and as destinations," Davis said.
Davis said since the program's introduction more than 1,800 commercial and non-profit owned buildings have been brought back to life across the state.
If the program is cut, buildings that are either in the application process or that have work scheduled past Dec. 31 risk never being completed or rehabilitated.
Davis says he and other historical preservationists are on standby and ready to attend the special session and do whatever it takes to keep that historic tax credit in place.
"What I really would like for them to understand is that this credit has more to do than just fixing up a historic building," Davis said. "This is the lifeblood of your communities throughout your district. This is taking a vacant building and turning it into a productive part of the community that brings in sales tax dollars. This really is a positive program just for not only preservation and buildings, but also the face of the communities."
Latest news
- 40 primates escape South Carolina research center, police say
- 2024 likely to be hottest year on record, first to exceed Paris agreement threshold
- Biden addresses nation after Democrats’ election losses
- Captain rescued off sinking sailboat by Vermilion Parish deputies
- Iota man arrested, charged with underage sex crimes