This ole house is getting shaky This ole

This ole house is getting’ shaky This ole house is getting old This ole house let’s in the rain This ole house let’s in the cold…. . Sound familiar? (Song by Rosemary Clooney 1954) http: //www. youtube. com/watch? v=IZo. Kua. H 88 Ms

A homeowner’s guide to the qualification and application process

Purpose of the Tax Credit Encourages taxpayers to preserve and improve their homes by offering a tax credit on rehabilitation costs.

What is a Tax Credit? � � � A tax credit is a direct, dollar for dollar, reduction in amount a taxpayer must pay in taxes for a given year. Rehabilitation tax credit for homeowner is 25% of eligible costs. At least $10, 000 must be spent in rehabilitating the structure. Tax credit is claimed in the tax year the rehabilitation project is complete.

How do I Qualify? � Home must be an owner occupied building located in a: 1. Locally designated historical area 2. Listed on the National Register, or is 50 years or older and NR eligible 3. A vacant or blighted building that is 50 years or older.

Am I in a Historic District? Ways to research your eligibility: Contact your local assessor’s office in your city and inquire � Call the Louisiana State Office of Cultural � Development and Historic Preservation. � Look up the property address in the National Register database online �

My Home is in a Historic Area Now what do I do? There are three parts to the application process: Part A-Louisiana Residential Preliminary Application Part B-Louisiana Tax Credit Proposed Rehabilitation Part C-Project Completion Form These forms can be downloaded by visiting: www. crt. state. la. us

Application Process: Part A is a preliminary application and it accomplishes the following: � Alerts the Historic Preservation office of your rehabilitation project � Will determine your eligibility � Negates filling out paperwork and paying application fee if you are not eligible.

Application Process: Part B What this accomplishes: � � Part B is the formal application giving detailed information regarding proposed work. 20 -25 pictures of the areas work will commence $250 Application Fee Reviewed to make sure work must complies with standards set forth by the Department of the Interior.

Part C- Completion After your work is complete, you will fill out Part C of the application. What this accomplishes: � Notifies the Office of Cultural Development you are finished with your work � Will review work done for appropriateness � Will issue a certificate so you can claim your tax credits for the tax year the project was completed in.

Conclusion What we accomplished today: �Know the purpose of the program is �Understand what a tax credit is �Who is eligible �Explaining the three part application process for homeowners

Resources � Louisiana State Office of Cultural Development and Historic Preservation: Telephone: 225 -219 -9771 � Facsimile: 225 -342. 8173 � www. crt. la. us � � � � Louisiana State Tax Credit Application: www. crt. la. us/hp/tax_incentives/state_residential_tax_credit. aspx Louisiana Downtown Development Districts: www. crt. state. la. us/hp/tax_incentives/DDDsasof 032906. pdf Louisiana Cultural Districts: www. crt. state. law. us/culturaldistricts/ National Register of Historic Places Database: www. nps. gov/nr The Secretary of the Interior's Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings. Washington, D. C. : Technical Preservation Services Division, U. S. Department of the Interior, 1980. Tax Credit Legislation LA (RS 47: 297. 6)