Louisiana Homeowner Rehab Tax Credit The State of Louisiana recently passed a bill offering up to a $25,000 tax credit to owners who rehabilitate their homes. If you’re interested in rehabilitating your home, please read on for more information on the tax credit!
What types of houses qualify for the tax credit? ● A vacant or blighted home that is 50 years old or older ● A residential home located in: ○ National Register Historic District ○ A local historic district ○ A Main Street District ○ A cultural projects district ○ Or a downtown developments district ● A residential home that is either listed on the National Register, or is eligible for listing on the National Register ● A building or home certified by the State Historic Preservation Office as contributing to the historical significance of a district
What type of tax credit could you get for qualifying projects? ● If the residence is a vacant and blighted home 50 years old or older, the tax credit will be 50% of the costs and expenses incurred for the rehabilitation of the home, with a maximum tax credit of $25,000. ● If the residence qualifies in any other way, the tax credit will be 25% of the costs and expenses of the rehabilitation (with a maximum credit of $25,000).
What are the other requirements to qualify for the tax credit? ● You must qualify for the tax credit before starting work. The tax credit can not be used for work that has already been completed. ● The cost spent on the rehabilitation must be at least $10,000. ● The bill takes effect on all applications filed after July 1, 2011. ● The tax credit will only be granted until January 1, 2016. ● Renovations must comply with Secretary of Interior standards. ● The tax credit is paid out to renovators over the course of 5 years.
Questions? If you’re wondering if your home may qualify, please contact Alison Saunders or Jessica Richardson with the State Historic Preservation Office for a free site visit to your property: Alison Saunders, Tax Incentives Director: Jessica Richardson, Tax Credit Reviewer:
(225) 342-8155 (225) 219-9771
asaunders@crt.la.gov jrichardson@crt.la.gov
For more information on the guidelines of the program, visit: http://bit.ly/HomeownerTaxCredit Preservation Resource Center of New Orleans (504) 581-7032 . prc@prcno.org .www.prcno.org . www.blog.prcno.org