Developers may soon get a big tax credit if they renovate and reopen blighted buildings under a bill that passed the South Carolina House this week. The “Abandoned Buildings Revitalization Act” is now headed to the state Senate after a unanimous vote Wednesday.
It would give a 25 percent tax credit to businesses that invest at least $500,000 in a building which has been abandoned for five years or more.
Rep. James Smith (D-Columbia) cited a study from the Strom Thurmond Institute that found the law would create $20 in revenue for every dollar of credit. “These buildings are either not on the tax rolls or are on the tax rolls at a very low value and there’s no activity,” he told South Carolina Radio Network, “We’re going to change that and we’re going to ultimately see greater revenue for the communities in our state.”
AUDIO: Rep. Smith talks about “Abandoned Buildings Revitalization Act” (5:01)