South Carolina Amends Definition of Rehabilitation Expenses under State HTC

Tuesday, May 21, 2019 - 9:30am

Legislation in South Carolina went into effect this week to amend the state historic tax credit definition of rehabilitation expenses for textile mills. S. 440 defines “rehabilitation expenses” to include expenditures that include demolition, environmental remediation and site improvements at textile mill sites, but exclude the cost of acquiring the site or the cost of personal property on the site. In order to calculate the credit for new or rehabilitated buildings on a contiguous parcel, expenses now do not include those that increase the square footage by more than 200 percent for buildings that existed immediately before the textile mill became abandoned.