Louisiana HR 311: TAX: Urges and requests the Jefferson Parish Economic Development Commission to study what commercial and residential structures located in opportunity zones in House of Representatives District No. 87 are eligible to participate in the Restoration Tax Abatement program

Bill Text

ENROLLED
2019 Regular Session
HOUSE RESOLUTION NO. 311
BY REPRESENTATIVE LYONS
A RESOLUTION
To urge and request the Jefferson Parish Economic Development Company (JEDCO) to
study what commercial and residential structures located in opportunity zones in
House of Representatives District No. 87 are eligible to participate in the Restoration
Tax Abatement program.
WHEREAS, the opportunity zones incentive is a new community investment tool
established by congress in the Tax Cuts and Jobs Act of 2017; and
WHEREAS, opportunity zones were created to encourage long-term investments in
low-income urban and rural communities nationwide by providing a tax incentive for
investors to re-invest their unrealized capital gains into dedicated qualified opportunity
funds; and
WHEREAS, investors can defer tax on any prior gains until no later than December
31, 2026, as long as the gain is reinvested in a qualified opportunity fund, an investment
vehicle organized to make investments in qualified opportunity zones; and
WHEREAS, it is recognized as essential to the continued growth and development
of this state and to the continued prosperity and welfare of the people of House of
Representatives District No. 87 that the expansion, restoration, improvement, and
development of existing commercial structures and owner-occupied residences in downtown,
historic, and economic development districts, and opportunity zones be encouraged in order
to provide for the development and improvement of local communities, the fullest use of
underutilized resources, and the enhancement of the tax base; and
WHEREAS, it is in the best interest of this state to provide a means by which
property owners in House of Representatives District No. 87 expand, restore, improve, or
develop such properties; and
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HR NO. 311 ENROLLED
WHEREAS, the Restoration Tax Abatement program allows owners of such
properties to expand, restore, improve, or develop eligible property to pay ad valorem taxes
for five years based upon the assessed valuation of the property for the year prior to the
commencement of the expansion, restoration, improvement, or development; and
WHEREAS, the House Committee on Ways and Means in hearings during the 2019
Regular Session of the Legislature heard House Bill No. 585 by Representative Jimmy
Harris that added structures located in opportunity zones to the properties eligible to
participate in the Restoration Tax Abatement program.
THEREFORE, BE IT RESOLVED that the House of Representatives of the
Legislature of Louisiana does hereby urge and request JEDCO to study what commercial and
residential structures located in opportunity zones in House of Representatives District No.
87 are eligible to participate in the Restoration Tax Abatement program.
BE IT FURTHER RESOLVED that JEDCO shall submit a written report detailing
the results of its study to the members of the House of Representatives prior to February 1,
2020.
SPEAKER OF THE HOUSE OF REPRESENTATIVES
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