McCrory Calls Restoring Historic Tax Credits A Priority
North Carolina Governor Pat McCrory joined local officials in Concord Friday in a push to get the General Assembly to reinstate historic preservation tax credits. They expired December 31.
A crowd gathered at the downtown Concord Hotel, some holding signs in support of the historic tax credits. McCrory told them the credits are a priority and a common sense approach to revitalizing the state’s rural and urban areas.
“There’s nothing more conservative than to give a tax break to an investor who’s building or rebuilding something that will last for generations,” said McCrory.
Through the program, private investors received a 20 to 30 percent tax break when they preserve properties listed on the National Register of Historic Places.
Concord Mayor Scott Padgett described his city as the poster child for the historic tax credit. Many historic homes in the quaint downtown area have been renovated through the program. Developers are turning an old downtown furniture store into loft apartments using them.
“Fifteen years ago, downtown was a ghost town and now we have a low vacancy rate. None of that could’ve happened without the historic tax credit,” said Padgett.
State lawmakers let the tax credit program expire as part of a larger tax overhaul. State officials say the historic tax credit program costs the state about $14 million a year.