SC Abandoned Building Credits
Qualifying Projects – Developers can receive a credit equal to 25% of their rehabilitation expenses. Includes most expenses except acquisition price. Developer must file with the department a Notice of Intent to Rehabilitate prior to incurring any expenses associated with the rehabilitation.
Credit Stream – Credits are earned in the year placed in service but taken in equal installments over 3 years
Carryforward – Unused credits may be carried forward for 5 years.
Recapture – There is no recapture provision.
Transferability – The credit can be transferred to members or partners of a pass-through entity in the year the credit is earned without limitation. Therefore,
syndication of these credits requires the issuance of a K-1. Any remaining or unused credits my be transferred to a subsequent purchaser of the abandoned building site.
syndication of these credits requires the issuance of a K-1. Any remaining or unused credits my be transferred to a subsequent purchaser of the abandoned building site.
Claiming the Credit – Use form TC-55 to compute and claim South Carolina Abandoned Building Credits. Buildings or structures listed on the National Register of Historic Places have special rules.
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