Adds a new education bonus to the base tax credit set out in GS 105-129.105 for qualified rehabilitation expenditures for a certified historic structure located in the state. Creates a bonus of 5% of expenses not exceeding $20 million if the following five criteria are met: (1) that the building is at least 40 years old and not currently in active use; (2) the initial use of the building was for an educational purpose; (3) following the rehabilitation, the building is placed into service for an educational purpose, and remains used for that purpose each year the credit or carryforward credit is claimed, proportionate to the amount of the building used for that purpose, if appropriate; (4) the exterior facade and aesthetics of the building are not substantially changed by the rehabilitation; and (5) the expenses are qualified rehabilitation expenditures under the statute and the building is a certified historic structure. Defines educational purpose as the term is defined in specified state law. Provides for an alternative credit in the same amount as allowed under the new provision for rehabilitation expenses that would have been qualified rehabilitation expenditures if the building was a certified historic structure. Effective for taxable years beginning on or after January 1, 2019.