Joint Government Affairs Director
Recently, the Winston-Salem REALTORS® Commercial Alliance sent a letter to the North Carolina Association of REALTORS® (NCAR) Legislative Committee asking them to contact state legislators asking them renew the Historic Preservation Rehabilitation Tax Credit, which expires at the end of 2014.
Historic preservation, especially in the Winston-Salem area, provides jobs, bolsters the tax base, and utilizes existing buildings and infrastructure while preserving the city’s historic character. Utilizing these tax credits for the rehabilitation of historic buildings in Winston-Salem has been a big part the community since the state approved these incentives.
RCA Chairman Philip Price goes on to say in the letter that “These credits have been the “deal maker” in some of the projects here in our area. Most recent examples that have taken advantage of the credit include the Nissen Building, Wake Forest Biotech Place, Inmar’s headquarters downtown, 525 Vine, Piedmont Leaf Lofts, Winston Factory Lofts, the Gallery Lofts, and the list goes on and on.”
As the North Carolina General Assembly reconvenes for the 2014 Session (the Short Session) at 12:00 noon on Wednesday, May 14, 2014, the RCA thinks it is important that the Winston-Salem REALTORS® Commercial Alliance, WSRAR, NCAR and the National Association of REALTORS® take an aggressive position on preserving these credits and to make this issue a key part of our legislative agenda.
Most people predict the state legislature will remain in session until early July. However, with talk of taking up issues like teacher and state worker pay raises as well as Medicaid reform, the list of topics they can actual vote on shrinks. It is important that these tax credits be supported and renewed.
The letter can be found here
under the Government Affairs section of the WSRAR website.