A clear need to return the historic tax credits in NC

This editorial appeared in the Fayetteville Observer:

The third year of a governor’s four-year term isn’t often given over to political stumping, but this year was like that for Gov. Pat McCrory. Between his highway-and-infrastructure bond proposal and his attempt to revive the state’s historic-building restoration tax credit, he and his Cabinet have logged a lot of miles.

The governor is still pushing both, and time’s running short. He recently gave a big push to the tax-credit revival bill, arguing that, “We shouldn’t even have a fight about it. … We need action today.”

We do. The House passed a restoration of the credit – which expired at the end of 2014 – in March. But the Senate referred it to its Ways and Means Committee, which is where it sends legislation to die.

Meanwhile, hundreds of projects wait in hope of the tax credit’s return. That includes the restoration of Fayetteville’s landmark Prince Charles Hotel.

The tax credits have helped rejuvenate historic downtowns across the state, and we need them back.

We hope the Senate leadership will take off its blinders and restore a program that brought billions of dollars in investment to North Carolina’s cities and towns.

Tribune Content Agency