Bill > H5488

This bill amends the South Carolina Code of Laws, specifically Section 12-65-20, which deals with definitions for the South Carolina Textiles Communities Revitalization Act, to clarify what qualifies as "rehabilitation expenses" for tax credit purposes. Previously, rehabilitation expenses included costs for renovating or redeveloping textile mill sites, such as demolition, environmental cleanup, site improvements, and new construction, but excluded the cost of buying the site or personal property. The amendment specifies that for a textile mill site to qualify for these tax credits, the existing textile mill and buildings on the site must either be renovated or demolished, and this requirement applies to each individual "Notice of Intent to Rehabilitate" (a formal declaration of plans to revitalize a property). However, if a contiguous parcel of land is part of the textile mill site and is owned by the same taxpayer or affiliated taxpayers, then both the textile mill and the contiguous parcel must be renovated or demolished.