Last week Governor John Bel Edwards signed HB 4 (now Act 25) by Rep. Tanner Magee, which extends the Louisiana Commercial Historic Tax Credit to January 1, 2026. During an Economic Recovery Special Session petitioned by the Louisiana Legislature, we were pleased to see that the LA HTC was extended at a time when our Main Street Communities need this economic tool the most.
The Louisiana Historic Tax Credit Coalition, led in part, by Stonehenge Capital, was a critical voice during the effort to extend the LA HTC. We are grateful for the leadership of Rep. Magee and Senator Rick Ward, III, who passionately voiced the impact of the LA HTC and the need to extend the program now, prior to its expiration in 2021.
In addition to extending the sunset to January 1, 2026, Act 25 places an aggregate cap of $125 million per calendar year on the LA HTC, providing the State certainty on the cost of the program moving forward. The Department of Culture, Recreation and Tourism will implement and administer the aggregate cap, which applies to all Part 2 applications received by the Department on or after January 1, 2021.
The LA HTC is one of the best, if not the best, state historic tax credit program in the country. Its effectiveness is a result of the design of the program, the administration by a superb Department at the leadership of Lieutenant Governor Billy Nungesser, bipartisan support from legislators like Rep. Magee, Rep. Jason Hughes, Rep. Michael Echols, Senator Ward, and Senate President Page Cortez and Main Street Communities who understand and appreciate the impact and usefulness of an economic tool that has, for decades, created jobs and revitalized downtown businesses throughout Louisiana.
Please reach out to our experts at Stonehenge Capital about the Louisiana HTC as we continue to lead our state’s industry in the right direction during this unprecedented time.