A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-65-20, RELATING TO DEFINITIONS FOR THE SOUTH CAROLINA TEXTILES COMMUNITIES REVITALIZATION ACT, SO AS TO SPECIFY QUALIFYING REQUIREMENTS FOR CERTAIN REHABILITATION EXPENSES.

 

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

 

SECTION 1.  Section 12-65-20(8)(a) of the S.C. Code is amended to read:

 

    (a) "Rehabilitation expenses" means the expenses or capital expenditures incurred in the rehabilitation, renovation, or redevelopment of the textile mill site, including without limitations, the demolition of existing buildings, environmental remediation, site improvements and the construction of new buildings and other improvements on the textile mill site, but excluding the cost of acquiring the textile mill site or the cost of personal property located at the textile mill site. For expenses associated with a textile mill site to qualify for the credit, the textile mill and buildings on the textile mill site included in the Notice of Intent to Rehabilitate must be either renovated or demolished, and this requirement applies independently to each Notice of Intent to Rehabilitate without regard to the rehabilitation status of any parcel or building not included in that notice; provided, however, that for any contiguous parcel included within the textile mill site pursuant to item 4(b), the textile mill and buildings on the textile mill site must be either renovated or demolished if both the textile mill and the contiguous parcel are owned by the same taxpayer or affiliated taxpayers.

 

SECTION 2.  This act takes effect upon approval by the Governor.

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