Update on Historic Tax Credits

Earlier this year, North Carolina Gov. Pat McCrory visited Rocky Mount as a part of a statewide tour promoting the importance of historic preservation tax credits.

To recap, these tax credits provided incentives to help revitalize main streets and town centers across the state. Projects have been completed in 90 of North Carolina’s 100 counties, encouraging more than $1.36 billion of private investment. Rocky Mount’s revitalization projects—including the Douglas Block and the Brewmill—have benefited from these tax credits.

These tax credits expired in January 2015 and Gov. McCrory visited North Carolina towns across the state that had benefited from the bill, promoting renewal of the credit. During his tour, Gov. McCrory visited the Rocky Mount Brewmill and spoke with business owners located in the historic Douglas Block of downtown Rocky Mount.

The bill passed the NC House and headed to the Senate, where initial reports on the progress of the tax credit bill have received mixed reviews. Under the bill that passed the Senate Finance Committee, counties and municipalities could create their own programs and incentives for historic preservation. This Senate Bill 472 allows municipalities to issue grants or loans funded by property taxes. These funds may be distributed to private or public property owners who wish to restore historic buildings.

Proponents and those who support the bill state that the bill reinforces the independence and authority of local government, and local projects can be paid for by local taxpayers instead of taxpayers of the entire state. Opponents of the bill state that the bill is not sufficient enough to support the needs of historic preservation in the state.

You may follow more information on the bill by going to http://www.historictaxcredits.org/
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