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SC revenue ruling #15-7 repeal
South Carolina Department of Revenue
South Carolina Department of Revenue
Issue Date
2019-12-31
Type
Keywords
Abandoned buildings--Law and legislation--South Carolina, Property tax--Law and legislation--South Carolina, Income tax--South Carolina
Abstract
The Abandoned Building Revitalization Act of 2013 (Act) was enacted in Title 12, Chapter 67 to create an incentive for the rehabilitation, renovation, and redevelopment of abandoned buildings located in South Carolina. The Act provides that restoration of abandoned buildings into productive assets for the communities in which they are located serves a public and corporate purpose and results in job opportunities. To remove and alleviate adverse conditions, including disproportionate expenditure of public funds, unmarketability of property, area crime, and abnormal exodus of families and businesses, it is necessary to encourage private investment and restore the tax base of the taxing districts in which such buildings are located by the redevelopment of abandoned buildings. CAVEAT: As a result of amendments to the Act in 2015, there are several differences between the credit provisions applicable to building sites placed in service before and after June 9, 2015. These differences are noted throughout this document.. A taxpayer who rehabilitates an abandoned building, incurs rehabilitation expenses exceeding $75,000, $125,000, or $250,000 at each building site based on the building’s location, and meets the other Act requirements, is eligible for either a credit against “income taxes”1 or real property taxes. A taxpayer selects the credit type by filing a “Notice of Intent to Rehabilitate.”
Rights
Copyright status determined to be in the public domain on April 27, 2020 by United States Supreme Court ruling (Georgia et al., Petitioners v. Public.Resource.Org, Inc. : 590 U.S.__(2020))