The bill S. 853 aims to amend the South Carolina Code of Laws regarding the Abandoned Buildings Revitalization Act. Key changes include clarifying that the existence of an income-producing use prior to abandonment is not a requirement for eligibility for tax credits. Additionally, it specifies that abandoned building tax credits cannot be used as collateral for any debt and outlines certain timing considerations for filing a Notice of Intent to Rehabilitate an abandoned building. The bill also removes the requirement for specific certifications of state-owned abandoned building sites, streamlining the process for taxpayers seeking to claim these credits.

Further amendments include adjustments to definitions related to abandoned buildings and building sites, as well as the conditions under which rehabilitation expenses qualify for tax credits. The bill clarifies that expenses related to the demolition of buildings on the National Register for Historic Places will not be considered rehabilitation expenses for credit calculations. It also establishes that the construction or operation of educational institutions meets the purpose of the chapter, while the construction of single-family residences does not. Overall, these changes are designed to enhance the effectiveness of the Abandoned Buildings Revitalization Act and encourage the rehabilitation of abandoned properties in South Carolina.

Statutes affected:
Latest Version: 12-67-120, 12-67-130, 12-67-140, 12-67-160