Whew! Historic Preservation Tax Credit has expired. Or has it?

The Governor budgets $12.2M for it, the Secretary of Cultural Resources is on a bus tour promoting it, and JLF breaks it down.  What’s all the fuss about North Carolina’s Historic Preservation Tax Credit?  As with all these special interest special treatments, they’re a bad deal for taxpayers.

In addition to 20% federal income tax break plus 20% state income tax break a property designated as a historic landmark also gets 50% break on property tax.

That historic restoration tax credit is a real sweet deal. For someone. Probably not you but you’re paying for it. And that’s money that could instead be going to pay a teacher or a law enforcement officer or back into your pocket.

But don’t worry, because of prudent decisions made by our state leaders last year, the credit has expired. Tax fairness has been restored.  No more special favors and carveouts.  Whew!

What???  OH NOOOO! – there’s a NEW Historic Preservation Tax Credit.