Included in the agenda for the 2015 Louisiana Legislative Session is the Louisiana Historic Tax Credit. The future of this highly-effective rehabilitation program is threatened. Not only does it need to be protected, it must be extended as well. Without an extension of the upcoming sunset, this proven economic development incentive will not be available to continue delivering strong results for our state and our communities. If our credit for historic structures goes away, so does the nearly $3.00 in net present value of new state tax revenue for every $1.00 of credit used.
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. In Downtown New Orleans, it has helped to bringback 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. Last month, the DDD Board of Commissioners adopted a resolution in support of both the state and federal historic tax credit programs.
Show your support by adding your name to this letter to legislators drafted by the Preservation Resource Center. Please send an email now to Ryan Jackson at [email protected] now to add your 1) name, 2) company or organization you would like to have listed, and 3) city.