GOP Tax Bill Hits Asheville, WNC Hard With Historic Tax Credit Elimination
A House GOP tax plan working its way through Congress would have a huge impact on Asheville with the elimination of the federal historic tax credit. Of all North Carolina municipalities, only Durham had more projects benefit from the credit between 2002 and 2016, according to the D.C. based National Trust for Historic Preservation.
The group lists 56 projects in Asheville that qualified for the credit totaling more than $110 million, including high-profile projects like the Grove Arcade, Grove Park Inn, and a barn at the Biltmore Estate. Asheville wasn't the only Western North Carolina city to qualify. The Exchange Building (Former Citizens Telephone Company) in Brevard qualified for more than $300,000. The Fleet - Proffitt House and Rug House in Burnsville qualified. Bryson City's Fryemont Inn qualified, as did East Flat Rock School. Nearly a million dollars in Hendersonville projects qualified. Over $500,000 for the Charles E. Ray Building in Waynesville and over $200,000 qualified for the Brigman-Chambers House in Weaverville.
While the House GOP tax bill eliminates the credit, the Senate version reduces it by half.
And that could be just one impact of the bill. Republican Senator John Thune announced Tuesday that senators plan to include repeal of the insurance mandate in the Affordable Care Act as part of their version of the tax bill. The non-partisan Congressional Budget Office estimates that could leave 13 million fewer people with health insurance nationwide.