NC H70

Adds an "education bonus" tax credit equal to 5% of qualified rehabilitation expenditures (capped at $20 million) for certified historic structures originally and currently used for educational purposes.

Requires that structures receiving the education bonus remain used for educational purposes each year the credit or its carryforward is claimed to maintain eligibility.

For buildings with multiple uses, the education bonus applies proportionately only to the area used for educational purposes.

Defines "educational purpose" as any purpose with the objective of education or instruction of human beings, including transmission of information and training or development of knowledge or skills.

Effective for taxable years beginning on or after January 1, 2021.