Friday, August 27, 2010

Welcome to the SC Tax Credit Blog!

The SC Tax Credit Blog is intended to keep tax credit professionals, real estate developers, tax credit investors, and other interested parties informed about changes to, and issues affecting, various state and federal tax credits available in South Carolina.  While the blog will focus primarily on state tax credit issues particular to South Carolina, I may also include posts on federal tax credit issues from time to time.

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.  
Federal tax credits I intend to follow include:
  • Rehabilitation Tax Credits
  • Renewable Energy Tax Credits
  • Low Income Housing Tax Credits
  • New Markets Tax Credits

I sincerely hope you enjoy the blog and find it to be a valuable resource for you.  I would encourage anyone who is so inclined to provide your comments, feedback, or contributions to the blog by either posting them as comments to my blog posts, or by forwarding them to me for inclusion on the blog.