From the Weekly State Tax Report:
Historic and other real estate rehabilitation tax credit programs are gaining momentum in the Southeast. No place better epitomizes this trend than South Carolina. South Carolina was once the center for much of the nation's textile industry and other simple manufacturing. It had a large supply of non-unionized labor and plentiful water, making it ideal for many industries.
South Carolina incurred significant economic losses during the 70's and 80's due to globalization. Most of the large textile mills shut down as manufacturing moved abroad. The financial crisis of 2009 also didn't spare South Carolina, bankrupting many real estate developers and banks alike. South Carolina has since aggressively courted auto and aircraft builders, landing both BMW and Boeing. This has resulted in significant job growth.
In order to restore numerous abandoned and underutilized textile mills back onto local property tax rolls and in order to provide housing to support the new economic growth and growing university student bodies, South Carolina has passed multiple pieces of legislation between 2013 and 2016 creating and/or improving state tax credits to stimulate renovation and restoration of old factories.
George L. Strobel II of the State Tax Credit Exchange further discusses real estate rehabilitation tax credit programs in South Carolina, Alabama, Georgia, and North Carolina in his BNA Insights article, available here (subscription required). Or sign up for a free trial to the Weekly State Tax Report.
Compiled by Melissa Fernley
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