NC S287

Establishes a state historic preservation tax credit for taxpayers rehabilitating certified historic structures, with credit rates of 15% on the first $10 million of qualified rehabilitation expenditures and 10% on expenditures from $10-20 million, capped at $4.5 million per income-producing structure.

Provides additional 5% bonuses for rehabilitations in development tier one or two areas and for eligible targeted investment sites (vacant industrial, warehouse, or utility buildings that have been 65% vacant for at least two years).

Creates a separate 15% tax credit for non-income-producing historic structures with minimum rehabilitation expenses of $10,000, capped at $22,500 per property parcel, allowing only one credit claim per five-year period.

Allows pass-through entities to allocate credits among owners if the owner maintains at least 40% adjusted basis in the entity, with forfeitures required if federal credits are recaptured or ownership interests change materially within five years.

Sunsets the credit for qualified rehabilitation expenditures and expenses incurred on or after January 1, 2021, effective January 1, 2015, with allowable carryforwards of unused credits for nine succeeding years.