We’re delighted by the great turnout for last month’s Antiques Show and Sale. It seems the drive to Carolina Colours didn’t deter many of you! People seemed delighted with the venue, the quality, and the crowd. As always, our dealers came through with terrific finds at good prices. And like the pros they are, they adapted beautifully to the new venue. So we at the Preservation Foundation would like to extend a heartfelt “Thank you” to everyone who participated and to the businesses and organizations who helped publicize the event. It was a true team effort—we’re very grateful.
April is tax time, so we thought we’d review the historic tax credits in place for restoring homes in the New Bern downtown and Riverside historic districts. Your home doesn’t need to be listed in the National Register of Historic Places to qualify.
There are limits, of course. Eligible rehab expenses are limited to more than $10,000 and less than $150,000. The maximum tax credit is $22,500. And to be considered, receipts you submit for the tax credit must be spent within a calendar 24-month period even if the entire project takes longer. Also, the tax credit may only be claimed once in five years. As a reminder, tax credits aren’t income deductions; they lower your total tax bill directly. If the tax credit zeroes out your tax bill in the first year you claim it, the remainder may be carried forward to subsequent years.
To begin, you’ll prepare a detailed description of the proposed work with “before” photographs and drawings as needed to fully describe the scope of your project. You’ll also need a Certificate of Appropriateness from the city’s Historic Preservation Commission. Then, you’ll document the work with “after” photos and a description of the work that was done. The City’s Historic Preservation Commission will then review the work for compliance.
In addition to the federal tax credit, North Carolina offers a 15% state historic tax credit. Information and applications are available online from the North Carolina State Historic Preservation Office. In general the state program mirrors the federal program; the same information may be used for both.
The New Bern Preservation Foundation has copies of documentation you may need to pursue these credits. We’re very willing to discuss them with you. Just call us at 252-633-6448, or email us at info@newbernpf.org. We look forward to hearing from you!