News

Historic Tax Credits Work

February 16, 2018

Preserving the past has become something of a focus for towns across North Carolina and the country as a whole, made easier through tax credits that allow public-private partnerships to flourish. A few years ago, North Carolina’s historic tax credits expired, but officials in Raleigh worked hard to reinstate them—something that helped local projects such as Lofts 29 and the Hotel Concord renovations in downtown Concord get off the ground. Now, a change in the federal credits could threaten the system again. U.S. Rep. Richard Hudson (R-NC) visited Concord on Friday, Jan. 26, to tour Hotel Concord and Lofts 29 and discuss the future of historic tax credits with local stakeholders. “Here in Concord, the historic tax credit has helped encourage development, revitalize downtown and create jobs,” Hudson said in a release. “The tax credit and the hard work of developers in our community have helped breathe new life into these historic buildings.” “I always want to find ways to encourage downtown development,” Hudson said in a release. “If we can make improvements to this tax provision in the future, I’m interested in doing that.”

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