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Louisiana Preservation Leaders Praise U.S. Senate Action to Support the Federal Historic Tax Credit and Express Grave Concern with Repeal Provision in U.S. House Legislation

New Orleans, LA – Preservation leaders from across Louisiana and the nation applauded efforts by U.S. Senator Bill Cassidy (R-LA) to preserve the federal Historic Tax Credit (HTC) in legislation overhauling the nation’s tax code. At the same time, there is extreme concern among historic preservation stakeholders regarding a provision in a tax reform bill (H.R. 1) passed on November 16 by the House of Representatives that would entirely repeal the federal HTC.

Louisiana is a national leader in historic rehabilitation and usage of the federal HTC. Repealing the HTC would have devastating consequences on neighborhoods and economic development throughout the state.

Tax overhaul legislation, as introduced in the U.S. Senate on November 9, would have cut the existing 20 percent federal HTC in half. Cutting the HTC in half would stifle historic rehabilitation and have an outsized, negative impact on historic rehabilitation projects of smaller size and in rural and Main Street communities.

During recent consideration of the tax reform bill by the Senate Finance Committee, a provision championed by Sen. Cassidy was adopted to preserve the credit at the 20 percent level. To comply with committee budget rules, the amendment also spreads out the claiming of the HTC over five years. Currently, the HTC can be claimed in its entirety in one year. Sen. Cassidy’s amendment is critical to saving the HTC.

In addition, Sen. John Kennedy (R-LA) has also been working with his Senate colleagues to protect the pro-growth HTC, which for nearly 40 years has been used to spark the rebirth of old and often blighted buildings of historical significance. Many members of Louisiana’s delegation to the House of Representatives have been active and vocal in their support for the HTC as well.

 

Please thank Senators Cassidy and Kennedy for their efforts and urge Representatives  Scalise, Richmond, Higgins, Johnson, Abraham and Graves to support the HTC, when Congress reconvenes after the Thanksgiving break.

 

Revolving Fund Program – Actively Saving Endangered Buildings

Louisiana Trust’s Revolving Fund Program began in November 2015 and is active in saving endangered historic buildings around the state.  We currently have projects in Alexandria, Donaldsonville and Homer.  If you know of an endangered historic building in your area, please let us know.

Lowery-Brazier House in Donaldsonville, LA.

Lowery-Brazier House in Donaldsonville, LA.

2323 Webster Street in Alexandria's Garden District - stabilized with LTHP's Revolving Fund Program.

2323 Webster Street in Alexandria’s Garden District – stabilized with LTHP’s Revolving Fund Program.

 Mission

The Louisiana Trust for Historic Preservation advocates, promotes and preserves historic places representing our diverse culture.

History

The Louisiana Trust for Historic Preservation was founded in 1979 for cultural and educational purposes pertaining to historic preservation. The Founders understood that an organized state-wide network of preservationists was a critical component to promote the preservation of the diverse culture and historic resources of Louisiana through education, technical assistance, outreach and advocacy. The Louisiana Trust for Historic Preservation is the statewide partner of the National Trust for Historic Preservation.

Covering All Corners of Louisiana

LTHP is a 501(c)3 organization that was established in 1979 as a non-profit educational corporation chartered by the state of Louisiana and governed by a board of directors representing all areas of the state.  Donations to the Louisiana Trust are tax-deductible to the fullest extent of the law.

Most Endangered Structures

Structures listed on the Most Endangered list are significantly threatened by demolition, neglect, lack of maintenance, inappropriate development or other threats. Ideally these structures are historic in being more than 50 years of age and are historically significant. Preservation Louisiana and a Field Services Representative conducts on-site visits and works with the property owner / community leaders in creating a viable preservation strategy for the structure.

Follow us on Facebook:  @LTHPreservation and Instagram @louisianatrust


Click below to join our team in helping preserve these historic resources and the heritage of Louisiana.

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Active members of the Louisiana Trust receive a substantial discount at Sherwin-Williams Paint stores nationwide.  Whether you’re giving a new look to a room or painting the entire house, the savings will more than pay for your membership, and you’ll be helping to save endangered historic buildings across the state.

Thank you for your support!