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Incentives & Tax Credits

Tax Credits

Information and forms for State Historic Rehabilitation Commercial Tax Credits can be found online here: 

https://www.crt.state.la.us/cultural-development/historic-preservation/tax-incentives/index

 

Description of the process, projects that have been completed, and the list of application forms for downloading, here: https://www.crt.state.la.us/cultural-development/historic-preservation/tax-incentives/state-commercial-tax-credit/index

 

Incentives

Federal Opportunity Zones

https://www.opportunitylouisiana.gov/incentive/federal-opportunity-zones

https://opportunityzones.com/location/louisiana/

https://www.crt.state.la.us/cultural-development/historic-preservation/tax-incentives/index

 

Development Incentives in The Oil Center

The Oil Center is a designated Opportunity Zone and a National Register Historic District, creating a powerful combination of federal and state incentives for redevelopment, investment, and business growth.

Opportunity Zone Benefits

Certain areas within The Oil Center are located in a federally designated Opportunity Zone, which provides tax advantages for qualified long-term investments.

Key benefits include:

  • Deferral of capital gains taxes when gains are reinvested into a Qualified Opportunity Fund (QOF)

  • Potential reduction of deferred capital gains taxes depending on investment timing

  • No capital gains tax on appreciation from Opportunity Zone investments held for at least 10 years

These incentives encourage long-term private investment in growing and revitalizing communities.

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Historic Tax Credit Opportunities

The Oil Center is listed as a National Register Historic District, which may allow property owners and developers to take advantage of significant rehabilitation tax credits.

Available incentives may include:

  • Federal Historic Tax Credit (up to 20%) for qualified rehabilitation of income-producing historic buildings

  • Louisiana State Historic Tax Credit (up to 20%) for eligible rehabilitation projects

  • Combined incentives that can significantly reduce overall project costs

These programs support the preservation of historic architecture while encouraging modern, functional redevelopment.

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Why This Matters for Investors & Developers

The combination of Opportunity Zone designation and historic tax credits makes The Oil Center one of the most attractive redevelopment districts in the region.

Potential advantages include:

  • Reduced tax liability on capital gains investments

  • Lower overall project costs through tax credits

  • Strong demand for medical office, professional office, retail, and mixed-use development

  • Established central location within Lafayette’s healthcare and business corridor

 

Getting Started

Investors and property owners interested in pursuing projects in The Oil Center should consult with:

  • Qualified tax advisors or Opportunity Zone fund managers

  • Historic preservation consultants for rehabilitation eligibility

  • Local economic development partners for site-specific guidance

The Oil Center Association is available to help connect stakeholders with appropriate local resources.

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Helpful Resources

 
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