The House included a modified form of the historic preservation tax credits in Senate Bill 763 on Thursday. The provision extends the law, due to expire at the end of this year, to January 1, 2020. The bill must now go back to the Senate for its approval.

It's expected that the Senate will complete its work on the State Budget tonight (July 31) and recess until August 14 at which time they will come back to Raleigh and deal with issues left unresolved during the short session. One of those issues will be the Historic Tax Credits. In addition the NC film credits and other tax law changes are in SB 763.

Key leaders in the Senate Republican Caucus have made it quite clear that they do not want to see any tax credits extended while they are attempting to totally revamp North Carolina's tax code. The intention by these leaders is to come back in 2015 and finish the overhaul of the tax code that fell short in 2013, by broadening of the sales tax to include most all services while eliminating personal and corporate income taxes.

AuthorDavid Crawford