Shreveport, LA

Building Owner Applies for Landmark Status

Port city blogging

By: Stacy Allens
7 storey building Head QuartersShayla moorefields

Central Business District Historic District Landmarks Commissions may also nominate and designate individual structures or sites as landmarks. Designated landmarks are typically of particular historic, architectural or cultural significance. A structure or site must meet one of four of the criteria below to be considered for designation as a landmark:

  1. Exemplify or reflect the broad cultural, political, economic or social history of the nation, state or community;
  2. Are identified with historic personages or with important events in national, state or local history
  3. Embody distinguishing characteristics of an architectural type or specimen, inherently valuable for a study of a period, style, method of construction, or of indigenous materials or craftsmanship;
  4. Are representative of the notable work of a master builder, designer or architect whose individual ability has been recognized.

The building is already located in one of the only opportunity zones in shreveport. With these special areas any capital gains the business makes you don't have to pay taxes for 10 years.

Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017. This new federal capital gains tax incentive program is designed to drive long-term investments to low-income communities. The new law provides a federal tax incentive for investors to re-invest their capital gains into Opportunity Funds, which are specialized vehicles dedicated to investing in designated low-income areas.

If allowed the historic landmark designation that will add $500000 in state and federal taxes that he can use or sell to another business each year for up to 10 years.

The entire credit is claimed in the year of completion and is non-refundable, but the unused portion may be carried forward for 10 years. A fee equal to 3% of the qualified rehabilitation expenditures must be paid when the tax credit contract is signed.

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