The bill S. 1122 aims to amend Section 12-65-20 of the South Carolina Code of Laws, which pertains to the South Carolina Textiles Communities Revitalization Act. The amendment specifies the qualifying requirements for "rehabilitation expenses" related to the redevelopment of textile mill sites. It clarifies that these expenses include costs associated with the rehabilitation, renovation, or redevelopment of the site, such as demolition, environmental remediation, and construction of new buildings. However, it explicitly excludes the costs of acquiring the site or personal property located there.

Additionally, the bill establishes that for expenses to qualify for tax credits, the textile mill and buildings included in the Notice of Intent to Rehabilitate must be either renovated or demolished. This requirement applies independently to each Notice of Intent, regardless of the status of other parcels or buildings not included in that notice. Furthermore, if a contiguous parcel is involved and owned by the same taxpayer or affiliated taxpayers, the same renovation or demolition requirement applies. The act will take effect upon approval by the Governor.

Statutes affected:
04/15/2026: 12-65-20
Latest Version: 12-65-20