In 2014, the North Carolina General Assembly failed to renew the Historic Preservation Tax Credit, which provided a 20 percent credit against eligible project costs for the qualifying rehabilitation of income-producing historic properties. When combined with a 20 percent federal tax credit, the program helped incentivize the redevelopment of buildings like NoDa’s Johnston and Mecklenburg Mills, a pair of structures built in the early 1900s that remain one of Charlotte’s best-preserved early textile factories.
With the 2015 session of the General Assembly about to get underway, a coalition of state and local elected officials, real estate developers, architects and historic preservation advocates has launched an effort to advocate for the restoration of the state credit, which expired January 1st.
Led by Governor Pat McCrory, Cultural Resources Secretary Susan Kluttz, and the North Carolina Metropolitan Mayors Coalition, the coalition aims to highlight the value of the tax credit in generating economic development through the productive restoration of historic properties across the state.
Since 1998, projects using state and federal historic rehabilitation tax credits have brought nearly $1.5 billion in private investment into North Carolina. The tax credits have helped to transform historic factories, hospitals, farms, houses and storefronts into energetic office spaces, engaging event venues and creative small businesses.
REBIC is proud to be part of the coalition, along with the North Carolina Association of REALTORS® (NCAR), Preservation North Carolina, and other interested organizations. You can learn more about the effort to restore Historic Preservation Tax Credit at www.historictaxcredits.org, and also sign a petition asking the General Assembly to restore the program.