SC House OKs tax break to reuse vacant buildings

COLUMBIA, S.C. (AP) — The South Carolina House has approved a measure aimed at turning abandoned buildings into bustling commercial space.

The House voted 108-0 on Wednesday on the “Abandoned Buildings Revitalization Act.” It gives a 25 percent state income tax credit to businesses investing at least $500,000 in a building vacated for at least five years.

Democratic Rep. James Smith of Columbia says it’s about bringing jobs and economic development to blighted areas.

According to a study by the Palmetto Trust for Historic Preservation, the measure would generate about $20 in revenue for every dollar of tax credit.

Advocates point to the success of a similar law approved years ago specifically for the renovation of old textile mills.

The measure requires another perfunctory vote to move to the Senate.