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State Incentives There are a variety of state incentives for development, and the Downtown Development District's Economic Development staff can identify and help developers apply for these programs.
State Historic Rehabilitation Tax Credit
For Louisiana income and franchise tax purposes, a historic rehabilitation tax credit of 25 percent of eligible costs and expenses is available for the rehabilitation of a historic structure located in a downtown development district. The credit shall not exceed 25% of eligible costs and expenses of the rehabilitation. No taxpayer shall receive more than $5 million of credit, and this credit is transferable.
http://www.crt.state.la.us/hp/
Restoration Tax Abatement
Generally, if an owner improves, renovates or adds on to a building, the assessed value goes up and so do the property taxes. Under the Louisiana Restoration Tax Abatement (“RTA”) Program, the assessed value and the property assessment can be frozen at the pre-improvement level for five years, resulting in substantial tax savings. In New Orleans, the RTA can be renewed for an additional five years. The tax abatement program is available for buildings individually listed in the National Register of Historic Places or buildings that are considered historic components of Register districts. It is also available for existing buildings in downtown or economic development districts. Another important feature of the state tax abatement program is that, in most cases, the financial benefit applies to additions to a building as well as to work on the building itself, thus increasing tax savings.
http://www.ledlouisiana.com/opportunities/incentives--programs/restoration-tax-abatement.aspx
Enterprise Zone
The Enterprise Zone program is a job incentive program that provides Louisiana income and franchise tax credits of $2,500 for each new job filled by a business hiring a minimum number of new employees. Thirty five percent of these new jobs must be filled from certain group, such as low-income or disabled individuals. A business does not have to be investing money, just creating additional jobs. The creation of jobs may result in sales/use tax rebates as well.
http://www.ledlouisiana.com/opportunities/incentives--programs/enterprise-zone.aspx
Quality Jobs Program
This program provides a cash rebate as an incentive to encourage targeted businesses to locate in Louisiana, create quality jobs and promote economic development. This program is administered by the Louisiana Department of Economic Development.
http://www.ledlouisiana.com/opportunities/incentives--programs/quality-jobs.aspx
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"I not only have my business downtown, but I live downtown! I am enjoying being a part of the revitalization of the warehouse/arts district as a gallery owner."
-Jean Bragg, owner, Jean Bragg Gallery
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Living it Up
Downtown's neighborhoods are home for residents from all walks of life. Condominiums and apartments are being built and renovated at a rapid pace making Downtown a desired location to live as well as work and play.
Downtown residents and businesses benefit by having this vibrant atmosphere at their doorstep, as well as world-class restaurants, exciting museums and other year-round cultural attractions that make up the Downtown experience. The DDD staff, programs and services are focused on keeping Downtown the safe, clean and thriving destination for all this and more.
Looking for a place to live Downtown?
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