Archive for Legislation

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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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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