The 2015 Legislative Session has begun.. One of the issues on the agenda is the Louisiana Historic Tax Credit. This measure has proven to be a tremendous boon to Downtown New Orleans. It has assisted nearly $1.2 billion of real estate development in Downtown and has a proven, successful track record at encouraging millions of dollars in private capital investment for the rehabilitation of buildings across the state, from small towns to big cities. Respected economist Timothy Ryan recently published a study of the economic and fiscal impacts of our state’s historic rehabilitation investment incentive that found it has created over 11,000 construction jobs and over 5,700 permanent jobs and generates $3.22 in state tax revenue for every dollar of tax credit used. Furthermore, Dr. Ryan’s study found the incentive generates tens of millions in local tax revenue for the towns and cities where historic rehabilitations occur.
In Downtown New Orleans, it has helped to bring back into commerce historic buildings like the Hibernia Tower, Saenger Theatre, Maritime and 225 Baronne. And, it will undoubtedly serve as a strong incentive in the redevelopment of the iconic art-deco Charity Hospital. Projects such as these are essential to the continued progress of Downtown. This week, the DDD Board of Commissioners adopted a resolution in support of both the state and federal historic tax credit programs. Contact your state legislator to voice your opinion. Stay Informed!