North Carolina Association of REALTORS® – Historic Preservation Tax Credits

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PROGRESS REPORT: HISTORIC PRESERVATION TAX CREDITS

September 4, 2015

This year’s debate on the state’s Historic Preservation Tax Credit program seems to have lasted so long that it may now be eligible for assistance itself. The program has been a topic of much discussion since the beginning of session with support for the program coming from all sides.

Governor McCrory made preserving the program a key part of his legislative agenda.  Secretary of Cultural Resources Susan Kluttz has also voiced the administration’s support at dozens of events across the state, often flanked by local REALTORS®.

Prior to the program’s sunset on December 31, 2014, it generated over $1.5 billion in private investment across the state.   That investment led to the completion of more than 2,600 projects in 90 of the state’s 100 counties and promoted the revitalization of downtowns and communities.

Each chamber took a different approach on this program in their budgets.  The House proposes restoring the program, with spending caps of $20 million for commercial projects and $22,500 for residential projects.  The Senate budget provides no funds for the program.  Senate leaders also tabled other House bills that restore the program.

The value of this program to communities across North Carolina cannot be overstated.  Developments such as Durham’s American Tobacco Campus and Sanford’s Buggy Factory would not have been possible without this program.

NCAR strongly supports the restoration of this program for both commercial and residential properties.  The Government Affairs staff continues to work with the program’s champions in both chambers to promote a compromise which will benefit the communities our members represent.

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