Governor Signs Bill Extending North Carolina HTC

Monday, November 4, 2019 - 11:15am

Gov. Roy Cooper signed a bill Friday extending North Carolina’s state historic tax credit (HTC) by four years. H.B. 399 extends the state HTC’s sunset date from the beginning of 2020 to the beginning of 2024, requiring that the property be placed in service by Jan. 1, 2032. The bill also expands the mill rehabilitation tax credit by adding a credit for qualified rehabilitation expenses of at least $10 million for rehabilitating an eligible railroad station that meets seven specifications, including being located in an opportunity zone. That credit must be taken in equal installments in 2021 and 2022.