The state tax credits I intend to focus on include the following:
- SC Textile Mill Tax Credit - This credit is available to a taxpayer who rehabilitates a textile mill site in South Carolina. The credit is equal to 25% of qualified expenditures and may be used against South Carolina income taxes, insurance premium taxes, corporate license fees, or property taxes.
- SC Historic Rehabilitation Tax Credit - This credit is available to any taxpayer that qualifies for and receives the Federal Historic Rehabilitation Tax Credit on a property in South Carolina. The credit is equal to 10% of the qualified expenditures and may be used against SC income taxes or corporate license fees.
- SC Abandoned Retail Facility Tax Credit - This credit is generally available to any taxpayer who improves, renovates, or redevelops a large abandoned retail space in South Carolina. It is generally equal to 10% of the qualified expenditures when used against income taxes and 25% of the qualified expenditures when used against property taxes.
- Renewable Energy Tax Credits - A number of state tax credits are available in South Carolina that are designed to encourage development and use of renewable energy facilities and resources.
- Rehabilitation Tax Credits
- Renewable Energy Tax Credits
- Low Income Housing Tax Credits
- New Markets Tax Credits
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