North Carolina Legislation Would Add 5% HTC Bonus for Certain Educational Properties

Tuesday, February 16, 2021 - 11:45am

A bill introduced in the North Carolina House of Representatives would create a 5% bonus under the state historic tax credit (HTC) program for properties initially used for education and are placed into service for that purpose after rehabilitation. H.B. 70 would apply the bonus credit proportionately for properties that are used for multiple purposes. The North Carolina HTC is 15% for the first $10 million of qualified rehabilitation expenditures and 10% for amounts more than $10 million to $20 million. The educational bonus would be effective for tax years beginning on or after Jan. 1, 2021.

The Novogradac Introduction to Historic Tax Credits booklet features the basics of the federal and statewide HTC.