SC Bill Aimed At Revitalizing Vacant Buildings - WSPA.com

SC Bill Aimed At Revitalizing Vacant Buildings

Posted:
By Associated Press

A bill that lawmakers hope will help turn abandoned buildings across South Carolina into bustling commercial space is under consideration in a Senate committee.

The measure dubbed the "Abandoned Buildings Revitalization Act" would give state income tax credits to businesses investing $500,000 or more in a building vacated for at least five years.

State economic advisers say the bill would reduce state revenue by $1 million next fiscal year, then $3.8 million annually the next four years. There is an estimated 500,000 square feet of abandoned building space statewide.

The bill died in the Senate last year after passing the House.

Legislators approved a similar law several years ago directed at renovating old textile mills. Supporters say it helped create vibrant city centers in Greenville and areas of Columbia.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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