DDD formally backs preserving historic building tax credits

Hoping to fend off any attempt by Gov. Bobby Jindal to abolish the state’s tax credit program for restoring historic buildings, the DDD Commission formally voted today to support maintaining the program amid efforts to overhaul the state’s tax structure. As Daily Report has previously reported, preservationists have been concerned that Jindal’s proposal could include a reduction of the tax credits, or even their elimination. No such plans have yet been announced, but details of his reform proposal are expected to be unveiled later this week. The credits, which refund up to 25% of qualified expenditures on historic restoration projects, are intended to help developers offset the high cost of refurbishing and renovating old structures. Supporters say reducing or abolishing the credits would cause the state to lose investment because such a large percentage of Louisiana’s downtown developments have come from out-of-state developers drawn by such incentives. In Baton Rouge, the program has been used for numerous projects, including Hotel Indigo and the Kress Building. —April Castro