North Carolina Tax Credit for Revitalization of Historic Mill Facilities: Other States' Legislation; Legislative Process; Parameters and Rationale; and Cost and Revenue Projection

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Last Modified
  • February 28, 2019
Creator
  • Stewart, Andrew
    • Affiliation: College of Arts and Sciences, Department of City and Regional Planning
Abstract
  • The news hit in October of 2004. Granite Mill in Haw River and Columbia Mills in Ramseur had been bought for salvage. In the same month, it was announced that Cannon Mills in Kannapolis was coming down. There are an estimated 200 mill buildings spread throughout the state of North Carolina. As the textile industry declines, the need for these mill buildings in their current use will decline. How should the state deal with the remaining buildings? On March 2, 2005, Senators Hoyle and Hartsell introduced a bill to the North Carolina Senate titled "An Act to provide a tax credit for revitalization of historic mill facilities and to allow tax credits for certain historic rehabilitations to be transferred to long-term lessees."1 This bill has been researched and crafted by a dedicated group of professionals to help restore these endangered mill buildings and other large historic mill buildings throughout the state. I was a part of this group. After doing background research, and estimating the costs and benefits of the bill, I recommend that it be passed. The bill achieves substantial preservation and economic distribution benefits for a relatively small $20 million over the next five years, or $4 million per year for the next five years. This master's project is an analysis of all aspects of the "Mills Bill" as it has come to be known colloquially. Section 2 considers some other mill preservation legislation that has been passed in other states. Section 3 details the process of political process through which this bill traveled to its current place in front of the Senate Finance Committee. Section 4 explains the key parameters of the bill and the rationale behind those parameters. Section 5 presents a detailed cost and revenue projection for the state 1 Senate bill #352 of North Carolina as a result of the bill. Finally, in Section 6, I provide some concluding remarks thoughts about the bill.
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Rights statement
  • In Copyright
Advisor
  • Malizia, Emil E.
Degree
  • Master of City and Regional Planning
Degree granting institution
  • University of North Carolina at Chapel Hill
Language
Location
  • North Carolina, North Carolina, United States
Extent
  • 46 p.
Access right
  • Open access
Date uploaded
  • December 10, 2010

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