Record #:

22069

Author(s):

Lacour, Greg

Abstract:

Historic-preservation income-tax credit from the federal government in 1976 and one from the state in 1998 have helped to renovate historic buildings and bring new life to dying down-towns. In the past thirty years these credits have helped finance 1,324 projects that have generated an estimated $1.4 billion in economic output. However, a 2013 overhaul of the tax code by the Republican-controlled NC General Assembly will end the state credit program at the end of 2014. Tax credits for commercial, residential, and mill buildings will be eliminated unless renewed. At present there are no plans to revisit tax reform during the short session.

Source:

Business North Carolina (NoCar HF 5001 B8x), Vol. 34 Issue 5, May 2014, p56-63, il

Subject(s):

Historic preservation