Editorial: New hope for tax credits
Published 12:00 am Tuesday, May 19, 2015
North Carolina’s historic preservation tax credit would be partially restored under the version of the state House budget released Sunday. How serious is this proposal? Viable enough to draw fire from Americans for Prosperity.
“The ink was barely dry,” according to The News & Observer, when the conservative group started lobbying against the fee and tax credit proposal in the budget. In addition to the historic preservation tax credit, Americans for Prosperity opposes the extension of tax credits for solar and other renewable energy projects included in the proposal.
The General Assembly let the state’s longstanding historic preservation tax credit program expire at the end of 2014. Gov. Pat McCrory has lobbied for reviving the credit in some form ever since. Former Salisbury Mayor Susan Kluttz, now secretary of cultural resources, has been a big part of that effort, too.
The proposed House budget caps the available credit at $20 million for larger projects and at $22,500 for “non-revenue producing” structures, such as single-family homes.
AFP and its anti-tax message have gained a lot of clout since being founded in 2004 by billionaire brothers David and Charles Koch. You’ve may have heard of them. When it comes to North Carolina issues, however, your voice is just as important, if not more so.
You likely have benefited — directly or indirectly — from preservation tax credits in some way. If so, let our state Reps. Harry Warren and Carl Ford know where you stand on the issue. If you have shopped locally in a historic downtown in North Carolina, speak up. If you or your family has supplied merchandise, operated or helped rehabilitate a store in a historic building in North Carolina, call today. If you enjoy visiting historic mill villages or downtowns and seeing what makes each one different, make a difference.
Without the state tax credits, the expense involved in putting new life in an “old” building will be too great for many. As a result, these buildings will continue to sit vacant, deteriorate and may ultimately crumble.
It has been proven that historic preservation projects generate jobs, further activity and investment in communities and promote tourism. In this age of strip malls and box stores, preservation helps define a “sense of place” that lets people know it is not just like anywhere else.
Those are serious strong points.