Frustration mounts over lack of action on historic tax credits
Councilman Kevin O'Grady says the state's Historic Preservation Tax Incentive kept many homes and buildings from being condemned and demolished. (Source: WECT)
WILMINGTON, NC (WECT) -
One of Wilmington's leaders is frustrated over a state bill that could affect the city's historic district.
Councilman Kevin O'Grady says the state's Historic Preservation Tax Incentive kept many homes and buildings from being condemned and demolished.
That incentive is set to expire at the end of the year, unless lawmakers take action.
Like film incentives, the state House has approved the idea, but the Senate has not taken action on it.
O'Grady said the unknown status of the bill puts future projects in limbo.
"Really we're waiting for the Senate to come to their senses, to recognize that the cultural identity of North Carolina is an interest of the state," said O'Grady. "Therefore, they should make that small contribution that the House has proposed."
The proposed bill would lower the tax credit from 20 percent down to 15 and would limit the amount of work included in the incentive.
At the time of this report, there is no word on when or if the senate will take up the bill again this year.