Tax Credits for Redeveloping Vacant Buildings in SC?


A bill that lawmakers hope will help turn abandoned buildings across South Carolina into bustling commercial space is heading to the Senate floor.

The measure known as the “Abandoned Buildings Revitalization Act” would give state income tax credits to businesses investing $500,000 or more in a building vacated for at least five years.

Democratic Rep. James Smith of Columbia says his bill would help bring jobs and economic development to blighted areas across the state. Legislators approved a similar law several years ago directed at the renovation of old textile mills. Supporters say it helped create vibrant city centers in Greenville and areas of Columbia.

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    Categories : South Carolina News

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