Bill in South Carolina Would Create 25% Credit for Opportunity Zones Investment

Tuesday, April 20, 2021 - 12:00pm

Legislation introduced in the South Carolina General Assembly would create a tax credit for investment in new projects in opportunity zones (OZs), as well as other OZ investments. H.B. 3131 would create a 25% credit for the first $50,000 of OZ investment costs for taxpayers and would make recipients of federal low-income housing tax credits (LIHTCs) to automatically receive state LIHTC equal to the federal credit if their development is in an OZ. The legislation also includes a credit for each job created, with the amount varying depending on the economic status of the county; and a tax rebate for grocery stores in food deserts.

The interaction of state and local incentives with the federal OZ will be discussed Thursday and Friday at the Novogradac 2021 Spring Opportunity Zones Virtual Conference.