Under the Dome

NC House Republicans file bill on historic tax credits

Several Republican House members filed a bill Wednesday to bring back the state’s historic preservation tax credit program – a big priority for Gov. Pat McCrory.

House Bill 152 is a scaled-back version of the program that expired Dec. 31 as part of Republican-led changes to the tax code. It’s designed to cost the state less money while still providing a financial incentive to fix up historic properties.

Under the bill, property owners who spend under $10 million on a renovation would get a tax credit equal to 15 percent of their expenses. Renovations costing $10 million to $20 million would get a 10 percent credit.

The legislation would add an additional 5 percent credit for projects in counties that the state categorizes as poor.

In its previous form, property owners could receive a credit of up to 30 percent of their expenses.

McCrory and Cultural Resources Secretary Susan Kluttz have been making appearances in towns across the state, touring developments that benefited from credits and lobbying for the program.

McCrory has said the new terms represent a compromise proposal designed to make it appeal to Republican senators, who rejected an attempt to reinstate the program last year. Asked about the compromise terms last month, a spokeswoman for Kluttz said the McCrory administration was still crafting the bill with House leaders.

The bill filed Wednesday is sponsored by three Republicans – Reps. Stephen Ross, Jon Hardister and David Lewis – and one Democrat, Rep. Rick Glazier.

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