5-26-2023: Support for HB 483

May 26, 2023 

Senate Revenue and Fiscal Affairs Committee 
Box 94183 
Baton Rouge, LA 70804 

Re: Support for HB 483 

Dear Committee Members: 

Louisiana Landmarks Society has a long and rich history of preservation. Formed in 1950, it is one of the oldest organizations in the state, and knows the value of our rich architectural heritage as an economic driver. We fully support HB 483 by Rep. Tanner Magee, which extends the sunset of the historic tax credit from 2026 to 2029. It is scheduled for vote by the Senate Revenue and Fiscal Affairs Committee on Tuesday, so we ask that you support and vote in favor of the bill, and in doing so, the economic value it brings. 

Louisiana has long been a leader throughout the country in utilizing the historic tax credit to revitalize our Main Street Communities. We have created a model for using credits for rehabilitation of schools, with our state HTC being of the best in the nation. Since 2002, the LA HTC has led to the rehabilitation of 1,621 buildings throughout our state, totaling more than $6 billion in private investment in Louisiana’s historic downtowns and cultural districts. The LA HTC pays long-term dividends and generates substantial private investment in our state’s assets and infrastructure, turning often blighted and vacated buildings into catalytic, commercial engines of vitality. A study commissioned by Lieutenant Governor Nungesser provides that for every $1 of LA historic tax credits, $8.76 in additional economic activity is returned to the State. The LA HTC generates 1,725 direct jobs and an additional 1,429 indirect and induced jobs annually. 

HB 483 simply seeks an extension of the HTC and a few modifications that include: 

 - Increasing the HTC credit amount for rural areas 

 - Adding eligibility for buildings individually listed on the National Register of Historic Places 

 In sum, no other tax credit has impacted so many parishes and communities throughout Louisiana. No other tax credit provides a better return on investment for infrastructure improvements that do not pick up and leave our state No other tax credit impacts such a broad spectrum of businesses, downtown communities and geographic areas. 

Louisiana Landmarks Society asks that you vote in support of HB 483 – and thanks you for your consideration. 

Sincerely, 

Sandra Stokes 
Chair of Advocacy