State historic tax credit programs

North Carolina Credit for Rehabilitating Income-Producing Historic Structure

Program overview:

The North Carolina Credit for Rehabilitating Income-Producing Historic Structures offers 15 percent of qualified rehabilitation costs of up to $10 million for historic income-producing properties; 10 percent for $10 million to $20 million; no credit for more than $20 million.

Project cap: $4.5 million, based on $20 million project of vacant mill in distressed county.

Program details:

  • 5 percent additional credit with $20 million project cap for projects located in either Tier One or Tier Two areas.
  • Credit can be taken in year place in service.
  • Carry forward: 9 years (compliance period is 5 years).
  • Recapture: same as federal.
  • Former state mill rehabilitation tax credit rolled into this credit. Eligibility certifications for projects certified under previous mill program expire Jan. 1, 2023.
  • Apply for the state and federal credits separately.
  • Sunset date: Jan. 1, 2024.
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Charleston, SC 29405

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