The South Carolina Abandoned Buildings Revitalization Act provides financial incentives for the rehabilitation, renovation, and redevelopment of abandoned buildings in South Carolina.
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.
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.
Interested in learning more about South Carolina’s Abandoned Building Credits?