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.