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Friday, October 31, 2014
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Historic preservation tax credit

A press conference was held on Friday, April 25 highlighting the importance of the NC Historic Tax Preservation Credit. The credit is set to expire at the end of this year as a result of tax reform changes enacted by the NC State Legislature’s last summer.

Wilmington Mayor Bill Saffo, Historic Wilmington Foundation (HWF) Director George Edwards and other officials gave information about how the tax credit has contributed to local economic growth. Governor McCrory supports the revival of the program. According to HWF, the tax credits have spurred more than $46 million worth of investment in local historic homes and commercial properties such as the Dabid building at 228 N. Front Street.

Highlights:
  • According to the NC Department of Commerce, the historic preservation tax credit contributes $124.5 million annually to the state gross domestic product.
    • The tax credit has created about 2,200 jobs per year impacting all 100 counties of North Carolina.
    • It has fostered investments of greater than $1.6 billion in private investment.
    • In Wilmington alone, there has been over $46 million in Historic Preservation tax credit projects, of which $38 million was for commercial (income producing) jobs
  • Over 210 historical buildings have been renovated using the credit
    • Renovating historic buildings is green because it reduces landfill waste and reuses and recycles buildings that are already existing
    • Historic preservation renovations cannot be outsourced. The labor involved with historic preservation is generally more labor intensive than new construction and provides better paying jobs.
    • Renovations increase property value for owners, resulting in increased county and city revenue.
Following the press conference, Edwards conducted a brief tour of nearby historic properties that have benefited from the tax credit.
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