We only just got rid of these! The Historic Preservation Tax Credits expired at the end of 2014, and that was a good thing. But now, two weeks into the new year, we’re hearing rumblings that they may be coming back. Really?!
Essentially, these tax credits aim to help out the owners of some buildings and businesses at the expense of everyone else. But that help comes at the expense of higher rates for everyone else. Rather than the government choosing some favored groups to get special treatment, they should lower rates across the board. No exemptions because you have a particular type of building. No judgement calls from the government about what should and shouldn’t be preserved.
We’ve argued this over and over at the John Locke Foundation. By lowering rates for all businesses, North Carolina becomes a more attractive place for people to live and work. And that, in turns, contributes to real, sustainable economic growth. It’s much better than the government picking winners and losers in this way.
We only just rid ourselves of this ill-conceived idea. Please, let’s don’t bring it back!
