UPDATE: House passes bill to create new Historic Preservation Tax Credit

RALEIGH, NC (WECT) - A bill to re-establish a Historic Preservation Tax Credit in North Carolina passed the state House on Thursday by a vote of 98-15. The bill proposes a program similar to the one which GOP leaders allowed to sunset at the end of 2014. A companion bill in the state Senate, SB 287, is in the Finance Committee awaiting debate.

Democrats Rep. Susi Hamilton of New Hanover County and Rep. Ken Waddell of Columbus County, along with Republican Rep. Ted Davis of New Hanover County all signed on as sponsors of the original HB 152, which received approval in the House Finance Committee. Primary sponsors of the original legislation include Republicans Rep. Stephen Ross (Alamance), Rep. Jon Hardister (Guilford), Rep. David R. Lewis (Harnett), and Democrat Rep. Rick Glazier (Cumberland)

The bill proposes a sliding scale of credits into place, pending the amount spend on the rehabilitation of the structure.

Projects with up to $10 million worth of expenses would receive 15 percent federal income tax credit, and projects with expenses between $10-$20 million would receive a 10 percent credit.

To read the text of the bill click here:

Despite the approval in the House, passage in the Senate is far from guaranteed. GOP leaders in that chamber have expressed favor with establishing a grant fund for historic preservation, similar to one in place for the state's film incentives, over re-instituting a tax credit program.

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