AN ACT TO INCENTIVIZE THE REHABILITATION OF HISTORIC EDUCATIONAL BUILDINGS TO ALLOW THOSE BUILDINGS TO CONTINUE TO SERVE EDUCATIONAL PURPOSES.
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.
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