Income tax incentives for the rehabilitation of historic structures are important tools for historic preservation and economic development in North Carolina.
A federal income tax credit for the rehabilitation of historic structures first appeared in 1976 and today consists of a 20% credit for the qualifying rehabilitation of income-producing historic properties. Since 1976, over 3,100 completed "certified rehabilitation" projects have been reviewed by the N.C. State Historic Preservation Office, representing almost two billion dollars of investment in historic properties. The spinoff from all this activity includes job creation, downtown and neighborhood revitalization, improved community appearance, and greater community pride. Historic preservation is smart growth, and smart investment.