Urges Legislators to Extend Tax Credit Sunset
March 20, 2019
(RALEIGH) – Noting the importance of historic revitalization efforts to local economies, the North Carolina League of Municipalities on Wednesday praised legislative efforts to continue a state tax credit that has proven crucial in historic development projects across the state.
HB 399 Disaster Area Building Rehabilitation Tax Credit Bonus would extend the tax credit, currently scheduled to expire on Jan. 1, 2020, through 2029 and would increase the cap for individual projects. The legislation also calls for an additional bonus 5 percent credit for projects in disaster areas, a provision that follows three major hurricanes passing through the state in a three-year period.
Filed Wednesday, HB 399 is sponsored by Reps. Stephen Ross of Burlington, John Bell of Goldsboro, Harry Warren of Salisbury and Jay Adams of Hickory.
In response to the bill filing, NCLM Vice President and Washington Councilmember William Pitt made the following statement:
“The member cities and towns of the North Carolina League of Municipalities have seen up close how the state Historic Preservation Tax Credit and the economic development projects that its has sparked have helped to redefine local economies. This has been especially true in the cities and towns that suffered manufacturing job losses during the 1980s and 90s. Many of those same towns have now suffered during recent natural disasters. We are pleased that Representatives Ross, Bell, Warren and Adams recognize the importance of this economic development tool. We urge all members of the state House and Senate to join in supporting this legislation.”
State historic preservation tax credits in North Carolina have been utilized in at least 90 of 100 counties. The state Department of Commerce concluded that an earlier version of the state HPTC created 2,190 jobs each year, while a UNC-Chapel Hill study credited the previous credit with creating 23,100 new, full-time jobs between 1998 and 2007.
About the League
The North Carolina League of Municipalities is a member-driven organization representing the interests of cities and towns in the state. Through their collective efforts, League member cities and towns better serve their residents and improve quality of life. For more than 100 years, the League has been a voice for cities and towns working for a better North Carolina.
