§ 47:4315 — Requirements for exemption

§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
Louisiana 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 Louisiana
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.

Legislative History

Acts 1983, No. 445, §1; Acts 1990, No. 503, §1; Acts 1991, No. 237, §1; Acts 2019, No. 251, §1, eff. June 11, 2019.