Jun
26

SC Abandoned Buildings Revitalization Act Signed

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A state tax credit seen as an incentive for the rehabilitation, renovation and redevelopment of abandoned buildings has been signed into law by Gov. Nikki Haley.

The Abandoned Buildings Revitalization Act, which is intended to revive languishing real estate, applies to projects started in tax year 2013.

An abandoned building is defined as a structure on which at least 66% of the space has been closed continuously to business for at least five years. The bill allows a taxpayer a credit of 25% of the actual rehabilitation expenses incurred at the building site. The bill includes a $500,000 individual cap on the tax credit benefit.

Abandoned buildings often result in unmarketability of property, high crime and an exodus of families and businesses, according to the bill.

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    Categories : South Carolina News

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