Status of NC Historic Building Tax Credits

Friends,

I expect that many of you saw the AP Story about the governor’s tax credit proposal not passing at the end of the session. We had a momentary glimmer of hope, but that proved elusive. Here’s the story if you didn’t see it. 

http://www.thedurhamnews.com/2014/08/18/4080569/tax-credit-likely-is-history.html

Throughout the last two years, we have heard repeatedly from legislators that “tax credits” were not going to fly. We had tremendous support in the General Assembly for historic preservation, but the delivery mechanism (tax credits) was not acceptable to some key leaders. So, we failed for 2014.

PNC pulled together a “brain trust” yesterday to explore other delivery mechanisms for a preservation incentive. After an intense discussion, our experts concluded that a “rebate” program might be a way to go. We would closely follow the legislation that was adopted by the House, but change the delivery mechanism (as well as simplify the homeowner incentive). We will be pulling together a new proposal for broad input as an alternative to the legislation that did not pass this year. I’ve informally run the “rebate” idea past a couple of legislators on both sides of the aisle, and they agree that it’s worth considering further. We’ll want your input, too.

I wanted to let you know that we’re not giving up. We are going to be working hard to come up with a proposal that’s acceptable to the legislative leadership as well as to our constituents. If we are able to reach a consensus about an alternative, maybe we can get the Governor to endorse it!

A year from now we hope that we will no longer be talking about “state tax credits” in North Carolina…and that we’ll have a powerful new incentive in place to continue the great progress we’ve made since the tax credits were first enacted in 1993.

If you get a chance to have an informal conversation with your own legislators about a potential “rebate” program, let us know what reactions you get.

Thanks! Have a good holiday.

Myrick

Myrick Howard
President
Preservation NC
USPS: PO Box 27644, Raleigh NC 27611-7644
Street: 220 Fayetteville Street, Suite 200, Raleigh NC 27601
P: 919-832-3652 x 231
F: 919-832-1651
www.preservationnc.org
mhoward@presnc.org