News Column

Historic Preservation Tax Credits are Getting a Second Look by the N.C. Legislature

July 30, 2014

RALEIGH, N.C., July 30 -- The North Carolina Department of Cultural Resources issued the following news release:

A groundswell of support for historic preservation tax credits is getting the attention of House and Senate leaders who did not include these economic tools in their initial budget.

"I want to thank the House and Senate, especially Rep. David Lewis, for introducing a Historic Tax Credit amendment to Senate Bill 763," said Susan Kluttz, Secretary of the North Carolina Department of Cultural Resources. "Historic preservation has been a proven economic stimulant that has saved old mills, historic homes and decaying buildings while bringing jobs to communities that most needed them. I am working closely with House and Senate members to support this amendment, one that is very similar to Governor Pat McCrory's earlier proposal, to encourage investments into historic preservation."

Rep. David Lewis (R-Harnett) amended Senate Bill 763 with an historic preservation tax credit proposal worth 15 percent of renovation expenses up to $10 million and 10 percent for expenses between $10 and $20 million. The current historic tax credit legislation is set to expire at the end of this year.

"Investing in North Carolina historic structures preserves our history and creates jobs. These programs make cultural and economic sense," said Governor McCrory when he announced his support in April. "Old, abandoned mills and factories are becoming housing and business spaces that are sparking economic revitalization in towns and cities across our state. Historic revitalization means jobs, economic development and a rebirth of many downtowns. Companies are relocating to these spaces from across this great nation and from around the world."

North Carolina has been a leader in preserving its historic buildings and an example for many other states when they're developing their own historic preservation investment programs. Since 1976, historic preservation incentives provided by the state and federal governments have helped bring in over $1.7 billion in private investment to the state while preserving North Carolina's priceless historic character.

"Historic Preservation Tax Credits provide local communities across our state, both rural and urban, with the opportunity to thrive," added Kluttz.

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Source: Targeted News Service

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