For Immediate Release
Raleigh, NC - Earlier this week Rep. Jon Hardister filed HB 152 - New Historic Preservation Tax Credit - along with Rep. Steve Ross (R-Alamance), David Lewis (R-Harnett) and Rep. Rick Glazier (D-Cumberland).
The bill would reinstate portions of North Carolina's historic preservation tax credits, which expired last year. It would allow a 15 percent credit for qualifying projects under $10 million, and a 10 percent credit for projects between $10 million and $20 million. There would be an additional 5 percent credit for projects in counties that are categorized as poor.
"The purpose of this bill is to generate economic investment and create jobs while preserving our history in North Carolina," Hardister said. "As a fiscal conservative, I am not a fan of tax credits, but I believe this tax credit plays an important role in our economy. It is appropriate for the government to promote historical preservation, especially when it increases property value and encourages economic investment."
Governor Pat McCrory and Lt. Governor Dan Forest have also expressed support for reinstating the historic preservation tax credits. In his 2015 State of the State address, Governor McCrory said, "We have got to pass the historic preservation tax credits. Now is not the time to pull the plug on a strategy that has created new jobs and new investment, and revived small towns throughout North Carolina."
Hardister pointed out that President Ronald Reagan was a supporter of historical preservation tax credits. "President Reagan was a free market conservative, but he understood the virtue of allowing tax credits for historic preservation projects," Hardister said. "He supported these tax credits during his tenure as president."