House committee substitute makes the following changes to the 1st edition.
Modifies the qualifications for the new education bonus to the base tax credit set out in GS 105-129.105 for rehabilitation expenditures for a certified historic structure to require that the certified historic building be originally used (previously referred to its initial use) for an educational purpose and following the rehabilitation, the building is used (rather than 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 area (rather than amount) of the building used for that purpose, if appropriate. Changes the definition given for the term educational purpose, previously defined by statutory cross-reference, to now define the term to mean a purpose that has as its objective the education or instruction of human beings, comprehending the transmission of information and the training or development of the knowledge or skills of individual persons.
HISTORIC SCHOOL PRESERVATION ACT.
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View NCGA Bill Details(link is external) | 2021 |
AN ACT TO INCENTIVIZE THE REHABILITATION OF HISTORIC EDUCATIONAL BUILDINGS TO ALLOW THOSE BUILDINGS TO CONTINUE TO SERVE EDUCATIONAL PURPOSES.Intro. by Adams, K. Baker, Hardister, Warren.
Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Mar 25 2021)
Bill History:
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Wed, 10 Feb 2021 House: Filed(link is external)
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Thu, 11 Feb 2021 House: Passed 1st Reading(link is external)
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Thu, 18 Mar 2021 House: Reptd Fav Com Substitute(link is external)
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Tue, 23 Mar 2021 House: Reptd Fav(link is external)
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Tue, 23 Mar 2021 House: Cal Pursuant Rule 36(b)(link is external)
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Tue, 23 Mar 2021 House: Placed On Cal For 03/24/2021(link is external)
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Wed, 24 Mar 2021 House: Passed 2nd Reading(link is external)
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Wed, 24 Mar 2021 House: Passed 3rd Reading(link is external)
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Thu, 25 Mar 2021 House: Regular Message Sent To Senate(link is external)
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Thu, 25 Mar 2021 Senate: Regular Message Received From House(link is external)
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Thu, 25 Mar 2021 Senate: Passed 1st Reading(link is external)
H 70
Bill Summaries:
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Bill H 70 (2021-2022)Summary date: Mar 18 2021 - View Summary
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Bill H 70 (2021-2022)Summary date: Feb 10 2021 - View Summary
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 initial use of the building was for an educational purpose and 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. Effective for taxable years beginning on or after January 1, 2021.
View: All Summaries for Bill