After the collapse of South Carolina’s once robust textile industry, the state was littered with closed and abandoned textile mills. In 2004, the South Carolina Textile Communities Revitalization Act (the “Act”) was enacted with the purpose of incentivizing the renovation and rehabilitation of these sites, which were causing community disruption, hindered investment, the lowering of property values, and increasing crime and safety concerns.
The Act provides for a tax credit of up to twenty-five percent (25%) of certain rehabilitation expenses for taxpayers renovating qualified textile mills sites. This resource guide is intended to examine the eligibility requirements, procedure, qualified expenses, and administration of the Act. The Act and applicable guidance are complex, and there are often unanswered questions based on the taxpayer’s specific circumstances and attributes of the property, which require a legal analysis. It is strongly advised that the taxpayer engage competent counsel for advice and assistance early and throughout the process. An experienced attorney’s services will also be valuable in helping determine strategies to maximize the credit under the law and available tax guidance.
Review the resources below, or contact Wyche attorney Josh Lonon, for key insights related to Tax Credits for the Rehabilitation of Abandoned Textile Mills.
Josh Lonon leads the Wyche, P.A. Commercial Real Estate Practice Group as chair, its Economic Development and Tax Incentives Group as co-chair, and the firm’s Spartanburg, South Carolina office. He regularly serves as lead counsel for national and regional companies, both public and private, local and statewide developers, and higher education institutions and other non-profits…
For the first time in more than a decade, the South Carolina Department of Revenue (the “Department”) has issued revenue ruling guidance on the South Carolina Abandoned Buildings Revitalization Act,
For the first time in a decade, the South Carolina Department of Revenue (“the Department”) has issued guidance in the form of a revenue ruling interpreting provisions of the South
Many developers of property in South Carolina are applauding the recent extension of tax credits available for the rehabilitation of abandoned properties under the South Carolina Abandoned Buildings Revitalization Act
