South Carolina has extended until December 31, 2035, the Abandoned Buildings Revitalization Act, under which income and property tax credits are available to taxpayers who rehabilitate qualified abandoned buildings. Previously, the provisions were set to expire on December 31, 2025.
In addition, the maximum income tax credit amount for any taxpayer in a tax year for each abandoned building site is increased from $500,000 to $700,000.
S.B. 1021, Laws 2024, effective May 20, 2024, applicable as noted
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