BURLINGTON – State leaders used an Alamance County site to welcome back historic tax credits.

Governor Pat McCrory and Department of Natural and Cultural Resources Secretary Susan Kluttz celebrated the preservation of Historic Tax Credits (HTC)  in North Carolina at an event in Burlington.

Restoring the HTC was a major element in Governor McCrory’s legislative agenda that he detailed in his State of the State Address. “The Historic Tax Credit has a proven track record of attracting private investment for the rehabilitation of historic buildings,” Governor McCrory said in a press release. “These renovated buildings house new businesses that take pride in strengthening our economy and preserving a part of North Carolina’s history.”

Governor McCrory also signed a proclamation declaring October 14, 2015 as Historic Tax Credit Day "Reviving Downtowns" in North Carolina.

Historic Tax Credits in North Carolina have resulted in $1.65 billion in private investment since their beginning in 1998. More than 2,400 projects have been made possible by the credits.

HTC rehabilitations not only bring once vacant or underutilized buildings back to life, but also dramatically increase their property values and local property tax revenue from them.

A non-partisan study of the state HTC program projects that the state historic rehabilitation tax credit would attract 2.5 times more jobs at the same cost to the state treasury as an across the board tax reduction.