COLUMBIA, SC – South Carolina Governor Henry McMaster hopes a new law will breathe new life into old buildings. On Wednesday, the governor ceremoniously signed the bill, S. 1021.
This law extends the abandoned building tax credit through 2035. It also provides additional incentives for investment in these buildings. South Carolina’s first abandoned building revitalization law went into effect in 2013 and provides tax credits for income or property taxes.
According to the state, an abandoned building is one that has been 66% vacant for five years. South Carolina is currently the only state that offers a tax credit for abandoned buildings.
“Tax credits and tax cuts are some of the most powerful economic development tools we have at our disposal as a state,” said Governor McMaster. “Through this tax credit, we are encouraging developers, business owners and entrepreneurs to breathe new life into once-neglected properties. This will have a ripple effect in the surrounding areas, preserving our history, creating new jobs and helping to make our communities even more proud.”
Some state parliamentarians admit that demolishing an old building may be cheaper, but at the expense of history.
