The governor’s budget was introduced yesterday as Senate bill 842 and includes provisions for reenacting the historic preservation tax credits that were eliminated with the 2013 tax reform bill.
Here’s a brief message about the provisions of the measure from Myrick Howard, President of Preservation North Carolina, “The homeowner credit remains in the bill, though reduced to 20% and capped at $200,000 in rehabilitation expenditures. That’s still a $40,000 incentive for rehab. In the broad outline, the bill leaves the preservation community with a very strong tax credit system that’s not much different than what the State has had since 1998.”