A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 12-6-3796 SO AS TO ALLOW AN ALTERNATIVE LOW-INCOME HOUSING TAX CREDIT FOR PRESERVING EXISTING BUILDINGS AND HOUSING RESOURCES TO PROVIDE LOW-INCOME HOUSING.

 

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

 

SECTION 1.  Article 25, Chapter 6, Title 12 of the S.C. Code is amended by adding:

 

    Section 12-6-3796. (A) As an alternative to the credit provided pursuant to Section 12-6-3795, there is allowed an income tax credit equal to ten percent of the federal low-income housing tax credit. The credits only may be awarded by a small public housing agency, as defined by the Department of Housing and Urban Development that is located in a rural area or more than half of its combined public housing units and voucher units are located in a rural area. A taxpayer may not be awarded this credit if the taxpayer also claims the credit allowed pursuant to Section 12-6-3795 for the same project.

    (B) The credit only may be awarded to preserve existing buildings, homes, and housing resources to be used to provide low-income housing.

    (C) The credit allowed by this section only may be awarded to the extent that funds exist from the federal 9 percent tax credit to cover the cost of the credit.

    (D) The department shall coordinate with the South Carolina State Housing Finance and Development Authority to implement the provisions of this section.

 

SECTION 2.  This act takes effect upon approval by the Governor and first applies to tax years beginning after 2025.

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