Federal and state tax credit programs offer a terrific incentive to taxpayers who rehabilitate historic buildings for their own homes or for income-producing properties.
Income tax incentives for the
rehabilitation of historic structures are important tools for historic
preservation and economic development in North Carolina.
A federal
income tax credit for the rehabilitation of historic structures first
appeared in 1976 and today consists of a 20% credit for the
qualifying rehabilitation of income-producing historic
properties.
Since 1998 North Carolina has provided a 20% credit for
those taxpayers who receive the federal credit, providing investors
with a combined 40% credit against eligible project costs.
In
addition, the state provides a 30% credit for the
rehabilitation of nonincome-producing historic properties,
including private residences.
Since 1976, over 2,000
completed
"certified rehabilitation" projects have been reviewed by the N.C.
State Historic Preservation Office, representing over one billion
dollars of investment in historic properties. The spinoff from all
this activity includes job creation, downtown and neighborhood
revitalization, improved community appearance, and greater community
pride. Historic preservation is smart growth, and smart investment.
For More Information...
Information and applications are available from the North Carolina State Historic Preservation Office, an agency of the State of North Carolina.
For copies of tax credit applications and instructions, contact either Tim Simmons (
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), 919-807-6585, or David Christenbury (
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), 919-807-6574, and provide your name, address, and name and location of your project.
