Why Historic Preservation Tax Credits Matter (We Need Your Help!)

It’s very rare that I would push any sort of political agenda on you. In fact, I generally try to avoid politics at all costs on this blog. But this particular topic is near and dear to my heart, and we could use your help!

North Carolina implemented a historic preservation tax credit system in 1998 for both residential and commercial properties. Basically, this program gives tax incentives to those willing to rehabilitate historic structures: a 20% tax credit for commercial or income-producing properties (in addition to the 20% provided by the federal government), and 30% for non-income-producing residential properties. But it doesn’t just go to any historic property holder; the restoration guidelines are incredibly strict, and buildings must be restored in a way that keeps the historic integrity of the building intact.  This credit allowed Charles and I to restore our house on a large scale, and we wouldn’t have been able to get nearly as far without them. But as of January 1, 2015 these credits no longer exist.

Some of you may be thinking, “I have no interest in owning a historic property, so why does this concern me?” I’ll tell you why. Since the tax credits were created in 1998, they have stimulated $1.6 billion (yep, that’s a B) of private investment in NC and created over 23,000 jobs.* These investments have boosted our economy and brought out-of-state interests to NC. Not to mention the aesthetic improvements that these credits can bring to every community. Take our house for example…

702parkproject - fall before&after

But there’s still hope, and you can help! To sign the petition and keep the incentives that make North Carolina better alive, just click here!

*Facts and figures obtained here.

(Visited 247 time, 1 visit today)

2 comments on “Why Historic Preservation Tax Credits Matter (We Need Your Help!)

Leave a Comment

Your email address will not be published. Required fields are marked *

CommentLuv badge