Louisiana Revised Statutes Tit. 47, § 4315. Requirements for exemption

(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:

(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.