North Carolina’s Fight to Restore Historic Tax Credits by @theglobalgrid https://t.co/MKzD9kq7Lj
Officials say over 2,400 projects across the state have been helped by the Historic Preservation Tax Credit program, with projects carried out in 90 of North Carolina’s 100 counties. The tax credit program has the ability to bring thousands of dollars in private investment to downtowns, with projects often serving as catalysts for future development along vacant main streets. Development officials agree that vibrant downtowns are important for tourism and future economic development . The program creates an incentive for property owners to rehabilitate property, while preserving the character and architectural elements of the original building. The tax credit can also make a rehabilitation project more economically feasible, since the financials behind the redevelopment of an older building are at times difficult to secure.