Nearly 5,000 people in North Carolina have come together by signing a petition backing Gov. Pat McCrory’s goal to reinstate the Historic Tax Credit program.
The previous Historic Tax Credit Program ended Dec. 31, and the governor is looking to usher in a new program.
Susan Kluttz, secretary of the Department of Public Resources, said that this date is a “sunset date.” She said the date was put into place to give state officials a chance to reexamine the legislation and see if it continues to be economically or socially beneficial.
“I do not believe that the discussion is former historic tax credits versus new legislation, but the discussion of keeping historic tax credits in general,” said Cary Cox, spokeswoman for the department.
The Historic Tax Credit Program gives tax incentives to homeowners and businesses if they restore historic homes and buildings — accounted for on the National Register of Historic Places — following set guidelines.
Some of the places that fall under this designation in Chapel Hill include Beta Theta Pi Fraternity House, Old Chapel Hill Cemetery and Chapel of the Cross.
The new tax credit program is different from the previous one because the tax incentives offered are smaller.
Petitioners are worried that if McCrory’s legislation does not pull through, North Carolina will be completely without incentives to restore and maintain historic buildings.
The previous Historic Tax Credits has pumped $1.6 billion from private investments into the local North Carolina economy since 1998.