We’re with Gov. Pat McCrory on retaining historic preservation tax credits for North Carolina.
McCrory recently traveled to the historic Pickett Cotton Mill in High Point to announce his support for salvaging the historic preservation tax credit programs that are set to expire at the end of this year, Greensboro’s News & Record reported. He’s included the credits in his proposed budget.
These tax credits have been used to develop several properties in our own downtown, including Wake Forest BioTech Place and the old Forsyth County Courthouse, which developers have just begun to convert to apartments. Developers can apply for them to offset the cost of renovating historic properties if they agree to retain significant architectural features that keep the spirit of the structures alive. It’s an important economic tool that encourages development and, for a city that honors its past even as it moves into the future, a way to preserve a bit of history.
Gov. McCrory noted that the tax credits have been used to maintain and restore downtown areas throughout the state, which he called the “living rooms of our towns.”
“If all you have in your living room is abandoned buildings, that’s a pretty tough sell,” McCrory said. “This is a way to help small businesses with their plans to re-establish themselves on our main streets. What we are trying to do is preserve our history and create jobs.”
The legislative budget committee has targeted the tax credits for elimination, as well as tax credits for the state’s film industry. Some say the tax credits aren’t an effective use of state resources. But removing the credits is likely to discourage investing in historic properties and could drive jobs and development elsewhere.
The governor’s proposal would cost the state less than the current program, capping the amount a project could receive. Ramona Bartos, the deputy state historic preservation officer, says that would really only affect large projects.
We’d like to see the full amount retained – we could use them to spur on some large projects downtown – but support the governor in his attempt to keep some form of the tax credits alive. He sees their importance; let’s hope he can convince the legislature.
