Are you thinking of rehabilitating a building in Louisiana that is 50+ years old? Did you know your reno expenditures may qualify for federal and state tax credits?
Federal and State tax credits are available to owners who rehabilitate buildings that are located in a Certified Cultural or Downtown Development District, which includes most of Orleans Parish. A tax credit is a dollar-for-dollar offset of income taxes that would otherwise have to be paid. The state tax credits are also available to be transferred to another party meaning non-profit organizations could benefit as well. Eligible expenditures on income producing properties could receive 20% federal credit and 20% state credit. Call us. We can walk you through the steps to determine if and how your project qualifies.
Latest posts by Kathy Flatmann, CPA
- Asset Misappropriation? - October 24, 2019
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