For the purpose of applying the exemption from ad valorem taxation provided in Article VII, Section (21)(B)(1)(b) of the Constitution of Louisiana, "term of the lease" shall mean the total length of the lease, including renewals at the option of lessees, that the lessor obligates property to a nonprofit corporation or association for use solely as housing for the homeless.
La. R.S. 47:1708
Exemption for property leased to nonprofit organizations for the purpose of housing the homeless
Known as the Louisiana Tax Credit Registry Act
The act spans §§ 47–47 (151 sections).
Acts 1992, No. 564, §1, eff. for taxable periods beginning on or after Jan. 1, 1991; H.C.R
Official source: Louisiana State Legislature. Reproduced from public-domain Louisiana statutes; confirm against the official source for the current text. Not legal advice.