STATEWIDE — Now that the state legislature is back in session, advocates are hoping lawmakers will consider restoring historic tax credits.
The program, which previously provided incentives to individuals who restored historic structures and met certain criteria, expired at the end of 2014.
An online petition calling for the credits’ reinstatement has received more than 3,000 signatures since it opened last week.
“What we have to convince legislators of is while the goal of having a lower tax rate by eliminating the carve-outs is a laudable goal, this particular credit is really important to job creation in all of our cities and towns across the state,” said Julie White, executive director of the North Carolina Metropolitan Mayors Association.
The organization is sponsoring and organizing the petition.
Based on information from the North Carolina Department of Cultural Resources, historic credits have been used in 90 of the state’s 100 counties and have generated more than $1 billion in private investment since 1998.
Nick Balding, a contractor who works on preservation projects in the Wilmington area, said the loss of the incentives would likely bring a loss in other economic opportunities, like job creation and tourism.
“Ultimately we will lose that element that brings people to the community,” he said.
State representative Ted Davis, a Republican representing New Hanover County, said he is not opposed to restoring the credits, but that some concessions would probably have to be made. He explained state representatives and senators are scrutinizing historic and other incentives as they try to reduce the tax burden on citizens.
“If we make [historic credits] part of what the legislature is considering as far as all the other incentive and tax programs, as part of a package, then in my opinion, it would have a better chance of being enacted,” Davis said.
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