SC Textile Mill Credits

Cabretta Capital Opportunity Zone Fund Investments

The South Carolina Textiles Communities Revitalization Act provides financial incentives for the rehabilitation, renovation, and redevelopment of abandoned textile mill sites in South Carolina.

Qualifying Projects – Developers can receive a credit equal to 25% of their rehabilitation expenses. Includes most expenses except acquisition price. Buildings are allowed to be demolished. Developer must file with the department a Notice of Intent to Rehabilitate prior to receiving building permits for the applicable rehab.
Credit Stream – Credits are earned in the year placed in service but taken in equal installments over 5 years
Recapture – There is no recapture provision.
Carryforward – Unused credits may be carried forward for 5 years.
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 textile mill site.
Interested in learning more about South Carolina’s Textile Mill Credits?
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