Historic Preservation Tax Credits Are Getting a Second Look by the N.C. Legislature

RALIEGH, NC July 30, 2014 – A groundswell of support for historic preservation tax credits is getting the attention of House and Senate leaders who did not include these economic tools in their initial budget.NCDCR - North Carolina Department of Cultural Resources
“I want to thank the House and Senate, especially Rep. David Lewis, for introducing a Historic Tax Credit amendment to Senate Bill 763,” said Susan Kluttz, Secretary of the North Carolina Department of Cultural Resources. “Historic preservation has been a proven economic stimulant that has saved old mills, historic homes and decaying buildings while bringing jobs to communities that most needed them. I am working closely with House and Senate members to support this amendment, one that is very similar to Governor Pat McCrory’s earlier proposal, to encourage investments into historic preservation.”
Rep. David Lewis (R-Harnett) amended Senate Bill 763 with an historic preservation tax credit proposal worth 15 percent of renovation expenses up to $10 million and 10 percent for expenses between $10 and $20 million. The current historic tax credit legislation is set to expire at the end of this year.
“Investing in North Carolina historic structures preserves our history and creates jobs. These programs make cultural and economic sense,” said Governor McCrory when he announced his support in April. “Old, abandoned mills and factories are becoming housing and business spaces that are sparking economic revitalization in towns and cities across our state. Historic revitalization means jobs, economic development and a rebirth of many downtowns. Companies are relocating to these spaces from across this great nation and from around the world.”
North Carolina has been a leader in preserving its historic buildings and an example for many other states when they’re developing their own historic preservation investment programs. Since 1976, historic preservation incentives provided by the state and federal governments have helped bring in over $1.7 billion in private investment to the state while preserving North Carolina’s priceless historic character.
“Historic Preservation Tax Credits provide local communities across our state, both rural and urban, with the opportunity to thrive,” added Kluttz.
NCDCR - example pics


About the N.C. Department of Cultural Resources 

The N.C. Department of Cultural Resources (NCDCR) is the state agency with a vision to be the leader in using the state’s cultural resources to build the social, cultural and economic future of North Carolina. Led by Secretary Susan Kluttz, NCDCR’s mission is to enrich lives and communities by creating opportunities to experience excellence in the arts, history and libraries in North Carolina that will spark creativity, stimulate learning, preserve the state’s history and promote the creative economy. NCDCR was the first state organization in the nation to include all agencies for arts and culture under one umbrella. 
Through arts efforts led by the N.C. Arts Council, the N.C. Symphony and the N.C. Museum of Art, NCDCR offers the opportunity for enriching arts education for young and old alike and spurring the economic stimulus engine for our state’s communities. NCDCR’s Divisions of Archives and Records, Historical Resources, State Historic Sites and State History Museums preserve, document and interpret North Carolina’s rich cultural heritage to offer experiences of learning and reflection. NCDCR’s State Library of North Carolina is the principal library of state government and builds the capacity of all libraries in our state to develop and to offer access to educational resources through traditional and online collections including genealogy and resources for people who are blind and have physical disabilities.  
NCDCR annually serves more than 19 million people through its 27 historic sites, seven history museums, two art museums, the nation’s first state-supported Symphony Orchestra, the State Library, the N.C. Arts Council and the State Archives. NCDCR champions our state’s creative industry that accounts for more than 300,000 jobs and generates nearly $18.5 billion in revenues. For more information, please call (919) 807-7300 or visit www.ncdcr.gov.