South Carolina Amends, Expands State HTC
South Carolina Gov. Nikki Haley this week signed into law a bill allowing a taxpayer who qualifies for the federal historic tax credit (HTC) in South Carolina to take a 25 percent state HTC in lieu of the 10 percent state HTC, up to $1 million for each certified historic structure. Under H. 3725, the credit will be taken in equal installments over three years (previously five years) beginning with the year in which the property is placed in service. The legislation also defines a “state-owned abandoned facility,” allows a taxpayer who rehabilitates an abandoned building to take a credit against insurance premium taxes and details how a taxpayer may apply for certification of an abandoned building site. The law went into effect June 9.