2023 Louisiana Laws › Revised Statutes › Title 47 - Revenue and Taxation › §47:4315. Requirements for exemption

RS 47:4315 - Requirements for exemption
A. A contract of exemption from taxation may be entered into by the board under this Chapter only if each of the following requirements are met:
(1) The expansion, restoration, improvement, or development of the structure shall comply with such standards and criteria therefor as the board, on recommendation of the Department of Economic Development, shall establish. The board shall provide for such review and monitoring of the project by the department or other state or local agencies as are necessary to assure compliance with such standards and criteria. Such standards and criteria shall be uniform with respect to each classification of taxpayer. Separate standards and criteria may be established for the various types of districts subject to the provisions of this Chapter.
(2) In addition to other requirements established by this Chapter and by rules promulgated pursuant thereto, the expansion, restoration, improvement, or development of a certified historic structure shall also be required to meet the National Park Service requirements for restoration projects known as the secretary of the interior's "Standards for Rehabilitating Historic Structures", as interpreted by the Louisiana Department of Culture, Recreation and Tourism, division of historic preservation, and subject to the division's review and approval. As used in this Paragraph, the phrase "certified historic structure" means any building including its structural components, which:
(a) Is listed on the National Register of Historic Places, or
(b) Is located in a registered historic district and is certified by the secretary of the interior as being of historic significance to the district.
(3) The local governing authority shall certify that the property on which the expansion, restoration, improvement, or development is being made is located within an established downtown, historic, or economic development district established by a local governing authority or in accordance with law.
(4) The project shall not have been completed prior to October 15, 1982. The board shall not consider an application for exemption on any project if ad valorem taxes have been paid on the basis of an assessed valuation which reflects the improvements made by the project.
(5) When the expansion, restoration, improvement, or development is to be made to an owner-occupied residence, a contract of exemption shall not be available unless a minimum rehabilitation cost equal to or greater than twenty-five percent of the assessed valuation of the improvements located on the property for the year prior to the commencement of the expansion, restoration, improvement, or development of the owner-occupied residence is incurred by the owner and such expansion, restoration, improvement, or development is completed within a twenty-four month period.
(6) In addition to requirements and rules and regulations established pursuant to this Chapter, the expansion, restoration, improvement, or development of a structure in a federally designated opportunity zone shall also be required to meet the requirements for investments under the provisions of 26 U.S.C. 1400Z-1, 1400Z-2, and federal regulations relative to opportunity zones.
B. In addition to the requirements of Subsection A of this Section, each applicant for exemption from taxation must comply with such additional requirements as shall be fixed by rules and regulations promulgated by the board. Each applicant shall submit to the Department of Economic Development such certified statements and substantiating documents as may be required to establish that each of the requirements of this Chapter and rules promulgated pursuant to this Chapter is satisfied.
Acts 1983, No. 445, §1; Acts 1990, No. 503, §1; Acts 1991, No. 237, §1; Acts 2019, No. 251, §1, eff. June 11, 2019.