HISTORIC SCHOOL PRESERVATION ACT.

View NCGA Bill Details2019-2020 Session
House Bill 852 (Public) Filed Tuesday, April 16, 2019
AN ACT TO INCENTIVIZE THE REHABILITATION OF HISTORIC EDUCATIONAL BUILDINGS TO ALLOW THOSE BUILDINGS TO CONTINUE TO SERVE EDUCATIONAL PURPOSES.
Intro. by Adams, Beasley, Warren, Presnell.

Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Oct 30 2019)
H 852

Bill Summaries:

  • Summary date: Aug 28 2019 - More information

    House committee substitute to the 1st edition makes the following changes.

    Amends the 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 qualified rehabilitation expenditures (was, expenses) not exceeding $20 million if the specified criteria are met. Replaces the proposed criteria with the following: the certified historic structure had an initial use for an educational purpose; is placed into service for an educational purpose following the rehabilitation; and remains used for an educational purpose for each year in which the credit, or carryforward, is claimed. Requires that the bonus for a certified historic structure used for multiple purposes be proportionate to the amount of the certified historic structure used for an educational purpose. Deletes proposed (a1), which created 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. 


  • Summary date: Apr 17 2019 - More information

    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.


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