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South Carolina Abandoned Building Tax Credit Bill Again Advances

March 21, 2024 - Tax Credit Marketplace (“TCM”) continues to advocate for the extension and enhancement of legislation that benefits South Carolina communities. S.1021, introduced by Senator Tom Davis (R-Beaufort), passed the Senate by a vote of 42 to 0 and was sent to the House Ways and Means Committee.

The bill extends the abandoned buildings tax credit to 2035.  Currently, the tax credit will expire in December 2025.  The bill also increases the credit allowed per taxpayer to $700,000 from $500,000.

To follow the status of current legislation being considered in the SC Senate, click here.