South Carolina Bill Would Create LIHTC, Investment Tax Credit for OZs

Monday, November 25, 2019 - 9:30am

Legislation introduced in the South Carolina Legislature last week would create a state low-income housing tax credit (LIHTC) for properties in opportunity zones (OZs), create a 25 percent tax credit for investment in the state’s OZs and add OZs to other state incentive programs. H. 4657 would automatically qualify LIHTC developments in OZs for a new state LIHTC equal to the federal credit and would also create a 25 percent credit for investments in OZs, with an annual cap at $50,000 per taxpayer. The bill would also create additional value for the state jobs tax credit for jobs in OZs in lower-income Tier III or Tier IV counties, create a sales tax rebate or credit for grocery stores located in OZ food deserts, add a grant program for OZ investments in Tier III and Tier IV counties and create an OZ leadership task force.