Bill > H544

This bill creates a new state tax credit for corporations that rehabilitate large, historically significant corporate campus sites in North Carolina. Specifically, the bill allows a tax credit of 40% for qualified rehabilitation expenditures of at least $10 million for corporate campuses that meet specific criteria, including: being a certified historic structure, formerly serving as a corporate headquarters, comprising at least 20 acres of land, being subject to a preservation agreement, listed on the National Register of Historic Places, certified as a local landmark, and having been at least 80% vacant for two years prior to rehabilitation. To claim the credit, taxpayers must provide eligibility and cost certifications to the state, and the rehabilitation expenditures must be incurred on or after January 1, 2026, with credits available for taxable years beginning on or after January 1, 2023. If a campus is rehabilitated in multiple phases, the credit can be claimed incrementally based on each phase placed into service. The goal appears to be incentivizing the preservation and redevelopment of large, historic corporate sites that have been long-vacant.

Budget and Finance

https://www.ncleg.gov/BillLookUp/2025/H544