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April 12, 2013

Tax credits available for local historic structures

TARBORO — Tax credits for the renovation of historic buildings will be the topic of an upcoming information session at Tarboro Town Hall.

The session will begin at 6 p.m. Thursday in the Town Council Chambers. Reid Thomas, restoration specialist from the eastern office of the State Historic Preservation Office, will lead the session.

Josh Edmondson, planning director for the Town of Tarboro, said the purpose of the tax credits is “to preserve the historic nature of Tarboro and our state and country’s history in general.”

“In our local historic district, we have over 200 properties. It’s a 45-block local historic district,” said Edmondson. “It’s a part of our town’s history and it’s important to preserve that part of our history.”

Edmondson wants to make sure the owners of local historic structures don’t miss out on the opportunity to receive the tax credit, which is set to end Dec. 31, 2014. The National Park Service and the Internal Revenue Service administer the tax credits program in partnership with state historic preservation offices.

Owners of non-income producing historic structures, such as residences, are eligible for a state tax credit of 30 percent for renovating their properties. Owners of income-producing historic structures refurbishing their properties are eligible to receive a federal tax credit of 20 percent and a state tax credit of 20 percent.

The Main Street Inn is an example of a local income-producing historic structure that received the tax credit for a renovation project.

Stuart and Denise Sanderson bought the Main Street Inn in spring 2006 and worked on refurbishing the historic structure until their opening day, Christmas Eve of 2006.

“We have been big beneficiaries of the park service tax credits. To me it was very much worthwhile financially,” Stuart Sanderson said. “Anyone who can be considered for these tax credits should reach out to Reid (Thomas).”

Sanderson said for he and his wife Denise, Tarboro’s “beautiful” historic district held “a whole lot of appeal” and they’re glad they opened the bed and breakfast on North Main.

Edmondson said the town’s historic district is not only educational for the university students who come to view and study the historic structures but also an “economic development tool” for the town.

“You get a lot of people who come to view the different architectural styles. When people are here touring the downtown area, we hope they’ll spend a little bit of money, while they’re here,” Edmondson said.

The Town of Tarboro’s website refers to the town as “a delight for historic preservationists,” with a historic district comprised of historic churches, residences and original 19th century storefronts on Main Street. Five 18th century homes and more than a dozen antebellum (1800-1860 ) homes are part of the district, which also includes late 19th and early 20th century homes built in the Victorian, Second Empire and Neo-Classical Revival styles of architecture.

 

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