Lawmakers Push For Reinstatement of Historic Preservation Tax Credit
Historic preservation tax credits expired at the end of 2014, but now at least two bills working their way through the North Carolina House and Senate aim to reinstate the program. Department of Cultural Resources Secretary Susan Kluttz came to Wilmington during a multi-city tour to support the legislation.
Before the program expired at the end of last year, historic preservation tax credits were used in 90 of North Carolina’s 100 counties. Now, two bills seek to reinstate the tax credits. House Bill 152 has passed first reading and has been referred to the Finance Committee, and Senate Bill 287 was filed Thursday. Secretary Kluttz says Governor Pat McCrory supports both bills:
"It is absolutely critical for the economic recovery of North Carolina and for what Governor McCrory calls the 'Carolina Comeback' that these tax credits be brought back. When the governor appointed me a little over two years ago, he made it very clear what I was to do in my job: economic development and job creation, and I can tell you that I know of no better way that I can do that than to work for these credits."
The governor’s budget proposal includes historic preservation tax credits. Kluttz says the issue has bipartisan support in the legislature, but that there are still those who favor doing away with all tax credits. Representatives Hamilton and Davis are local sponsors of House Bill 152.