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PRESERVING HISTORY; THOSE WHO FIX UP HISTORIC HOMES COULD QUALIFY FOR A HEFTY TAX CREDIT.(REAL ESTATE)
- Article from:
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The News & Record (Piedmont Triad, NC)
- Article date:
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September 12, 1999
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Copyright informationCOPYRIGHT 1999 News & Record. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MEREDITH BARKLEY\ Staff Writer
The income tax credit North Carolina now gives for rehabilitating historic homes made it easier for Miles Foy to swallow the expense of putting a new cedar shingle roof on his century-old Queen Anne home beside Oak Ridge Military Academy.
Normally, it would have been cheaper to replace the aging cedar with more modern asphalt shingles. But with the tax credit Foy can cut his expenses substantially. He can take 30 percent of the project's cost off his state income taxes.
"The tax credit wasn't just a windfall, it was actually an inducement to do it right." said Foy, a former Greensboro attorney who now teaches at Wake Forest ...