South Carolina Enacts State Low-Income Housing Tax Credit

Wednesday, May 20, 2020 - 2:00pm

Gov. Henry McMaster signed into law legislation creating a South Carolina state low-income housing tax credit (LIHTC). The Workforce and Senior Affordable Housing Act ( H.B. 3998) creates a state LIHTC equal to the amount of the federal LIHTC received by a taxpayer for properties placed in service between Jan. 1, 2020, and Dec. 31, 2030. The South Carolina credit mirrors the federal LIHTC, but will be issued only to properties where a taxpayer details how the credit benefits tenants and is necessary for the development.