Indicates Matter Stricken

Indicates New Matter

 

Committee Report

February 28, 2024

 

S. 1021

 

Introduced by Senator Davis

 

S. Printed 02/28/24--S.                                                                           [SEC 3/1/2024 9:57 AM]

Read the first time February 06, 2024

 

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The committee on Senate Finance

To whom was referred a Bill (S. 1021) to extend the provisions of the South Carolina Abandoned Buildings Revitalization Act to 2035; and to amend the South Carolina Code of Laws by amending Section 12-67-140, etc., respectfully

Report:

That they have duly and carefully considered the same, and recommend that the same do pass:

 

HARVEY S. PEELER, JR. for Committee.

 

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A bill

 

TO EXTEND THE PROVISIONS OF THE SOUTH CAROLINA ABANDONED BUILDINGS REVITALIZATION ACT TO 2035; AND TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-67-140, RELATING TO THE ABANDONED BUILDINGS TAX CREDIT, SO AS TO INCREASE THE AMOUNT OF THE MAXIMUM TAX CREDIT THAT MAY BE EARNED.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Notwithstanding SECTION 1.B. of Act 57 of 2013, the provisions of Chapter 67, Title 12 of the South Carolina Code are repealed on December 31, 2035.

 

SECTION 2.  Section 12-67-140(B)(3)(b) of the S.C. Code is amended to read:

 

    (b) The entire credit earned pursuant to this subsection may not exceed five seven hundred thousand dollars for any taxpayer in a tax year for each abandoned building site. The limitation provided in this subitem applies to each unit or parcel deemed to be an abandoned building site.

 

SECTION 3.  This act takes effect upon approval by the Governor.

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