Bill > S1122

This bill amends the South Carolina Textiles Communities Revitalization Act by clarifying what qualifies as "rehabilitation expenses" for tax credit purposes, specifically for textile mill sites. Previously, rehabilitation expenses included costs for demolition, environmental cleanup, site improvements, and new construction on a textile mill site, but not the cost of buying the site or personal property. The amendment clarifies that for a textile mill site to qualify for these tax credits, the textile mill and any buildings on the site included in a "Notice of Intent to Rehabilitate" must either be renovated or demolished. This requirement applies to each notice individually, even if other parts of the site are not being rehabilitated, unless a contiguous parcel is owned by the same taxpayer or affiliated taxpayers, in which case both the textile mill and the contiguous parcel must be renovated or demolished.