Valuable tax incentives are given in North Carolina for the renovation of historic structures. Income-producing historic structures that qualify for the 20% federal rehabilitation tax credits can also take a 20% North Carolina income tax credit. (A 40% combined credit on qualified rehab expenses!)
Available for non-income producing historic structures, is a 30% income tax credit. This includes owner occupied historic residences. Eligible properties are required to be certified historic structures. (Listed in the National Register of Historic Places or be located in a National Register historic district). All work must comply with the Secretary of the Interior’s Standards for Rehabilitation. Before starting the renovation, the North Carolina Historic Preservation Office (NCHPO) must approve your intended work on a non-income producing historic structure. For more details, visit the NCHPO website at www.hpo.dcr.state.nc.us/credits.htm or call the NCHPO at 919-733-6547 or PNC at 919-832-3652.
This info was retrieved from North Carolina Preservation, Fall 2005 Edition.
Dawn Judge is a real estate agent with Coldwell Banker United in Mooresville, North Carolina. Mooresville is in the Lake Norman Area, near Charlotte, NC.
Contact info 704-929-2261 Dawn Judge, Broker Email: dawn.judge@cbunited.com
