Abandoned Buildings Tax Credit Bill Dead

As the official term of the South Carolina Legislative Session ended yesterday, so did the chances for the Abandoned Buildings Revitalization Act to become law this year.  Supporters of the bill, including me, will try to revitalize the bill next year.  The bill would have provided a 25% tax credit on investments in abandoned buildings for income producing purposes.  In order to qualify, the building would have to be 66% vacant for a period of at least 5 years prior to the investment.