Jun
18

New SC Bill Creates Incentives for Development

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On Tuesday June 11, Governor Haley signed into law the Abandoned Buildings Revitalization Act (ABRA) creating tremendous opportunity for towns, cities and counties in the state that have been blighted by empty and under-utilized buildings.

Here is how ABRA works.

Any commercial building that has at least 66% vacancy for more than 5 years qualifies for a 25% state income tax credit earned against the costs of rehabilitation.

The benefits of ABRA impact both rural and the larger cities and counties with a stepped approach to qualifying redevelopment projects. For those abandoned places in municipalities of less than 1000 persons, the minimum project investment that triggers the tax credit is only $75,000. For towns and counties with populations of 1,000 to 25,000, the minimum project size must be $150,000, and for any communities whose populations exceed 25,000, the project minimum is $250,000.

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    Categories : South Carolina News

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