This ole house is getting’ shakyThis ole house is getting oldThis ole house let’s in the rainThis ole house let’s in the cold…..

Sound familiar?

(Song by Rosemary Clooney 1954) http://www.youtube.com/watch?v=IZoKuaH88Ms

Louisiana State Historic

RehabilitationTax Credits

A homeowner’s guide to the qualification and application process

Purpose of the Tax Credit

Encourages taxpayers to preserve and improve their homes by

offering a tax credit on rehabilitation costs.

What is a Tax Credit? A tax credit is a direct, dollar for dollar,

reduction in amount a taxpayer must pay in taxes for a given year.

Rehabilitation tax credit for homeowner is 25% of eligible costs. At least $10,000 must be spent in rehabilitating the structure.

Tax credit is claimed in the tax year the rehabilitation project is complete.

How do I Qualify?

Home must be an owner occupied building located in a:

1. Locally designated historical area2. Listed on the National Register, or is 50 years or older and NR eligible3. A vacant or blighted building that is 50

years or older.

Am I in a Historic District?

Ways to research your eligibility: Contact your local assessor’s office in your city and

inquire Call the Louisiana State Office of Cultural Development and Historic Preservation. Look up the property address in the National Register

database online

My Home is in a Historic Area

Now what do I do?

There are three parts to the application process:

Part A-Louisiana Residential Preliminary Application

Part B-Louisiana Tax Credit Proposed Rehabilitation Part C-Project Completion Form

These forms can be downloaded by visiting: www.crt.state.la.us

Application Process: Part A

Part A is a preliminary application and it accomplishes the following:

Alerts the Historic Preservation office of your rehabilitation project

Will determine your eligibility Negates filling out paperwork and paying

application fee if you are not eligible.

Application Process: Part B

What this accomplishes:

Part B is the formal application giving detailed information regarding proposed work.

20-25 pictures of the areas work will commence

$250 Application Fee Reviewed to make sure work must complies

with standards set forth by the Department of the Interior.

Part C- CompletionAfter your work is complete, you will fill out Part C of the application. What this accomplishes:

Notifies the Office of Cultural Development you are finished with your work

Will review work done for appropriateness Will issue a certificate so you can claim your

tax credits for the tax year the project was completed in.

ConclusionWhat we accomplished today:

Know the purpose of the program is Understand what a tax credit is Who is eligible Explaining the three part application

process for homeowners

Resources Louisiana State Office of Cultural Development and Historic

Preservation: Telephone: 225-219-9771 Facsimile: 225-342.8173 www.crt.la.us

Louisiana State Tax Credit Application: www.crt.la.us/hp/tax_incentives/state_residential_tax_credit.aspx

Louisiana Downtown Development Districts: www.crt.state.la.us/hp/tax_incentives/DDDsasof032906.pdf

Louisiana Cultural Districts: www.crt.state.law.us/culturaldistricts/

National Register of Historic Places Database: www.nps.gov/nr

The Secretary of the Interior's Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings. Washington, D.C.: Technical Preservation Services Division, U.S. Department of the Interior, 1980.

Tax Credit Legislation LA (RS 47:297.6)

COMPLETED PROJECT