A BILL TO BE ENTITLED
AN ACT to increase the tax Credit for rehabilitating income‑producing historic structures, to allow a tax credit for the rehabilitation of buildings in disaster areas, and to delay the sunset of the tax credits for historic REHABILITATION.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑129.105 reads as rewritten:
"Article 3L.
"Historic Rehabilitation Tax Credits Investment Program.
"§ 105‑129.105.  Credit for rehabilitating income‑producing historic structure.
(a)	Credit. – A taxpayer who is allowed a federal income tax credit under section 47 of the Code for making qualified rehabilitation expenditures for a certified historic structure located in this State is allowed a credit equal to the sum of the following:
(1)	Base amount. – The percentage of qualified rehabilitation expenditures at the levels provided in the table below:
Expenses
Over	Up To	Rate
0	$15 million	15.00%
$15 million	$25 million	10.00%
(2)	Development tier bonus. – An amount equal to five percent (5%) of qualified rehabilitation expenditures not exceeding twenty‑five million dollars ($25,000,000) if the certified historic structure is located in a development tier one or two area.
(3)	Targeted investment bonus. – An amount equal to five percent (5%) of qualified rehabilitation expenditures not exceeding twenty‑five million dollars ($25,000,000) if the certified historic structure is located on an eligible targeted investment site.
(4)	Disaster relief bonus. – An amount equal to five percent (5%) of qualified rehabilitation expenses not exceeding twenty‑five million dollars ($25,000,000) if all of the following requirements are met:
a.	The certified historic structure is located in a disaster area.
b.	The qualified rehabilitation expenditure is incurred no more than five years after the onset of the natural disaster resulting in the area being declared a disaster area.
…
(c)	Definitions. – The following definitions apply in this section:
…
(2a)	Disaster area. – Any county that is the subject of a Type II or Type III gubernatorial disaster declaration, as provided in G.S. 166A‑19.21, as a result of a natural disaster.
…."
SECTION 2.  G.S. 105‑129.110 reads as rewritten:
"§ 105‑129.110.  Sunset.
This Article expires for qualified rehabilitation expenditures and rehabilitation expenses incurred on or after January 1, 2024. For qualified rehabilitation expenditures and rehabilitation expenses incurred prior to January 1, 2024, this Article expires for property not placed in service by January 1, 2032."
SECTION 3.  This act shall be known and cited as the "Historic Preservation Act of 2019."
SECTION 4.  Section 1 of this act is effective for taxable years beginning on or after January 1, 2020. The remainder of this act is effective when it becomes law.