SC House OKs tax break to reuse vacant buildings - FOX Carolina 21

SC House OKs tax break to reuse vacant buildings

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The South Carolina Capitol in Columbia. (File/FOX Carolina) The South Carolina Capitol in Columbia. (File/FOX Carolina)
COLUMBIA, SC (AP) -

The South Carolina House has approved a measure aimed at turning abandoned buildings into bustling commercial space.

The House voted 108-0 on Wednesday on the "Abandoned Buildings Revitalization Act." It gives a 25 percent state income tax credit to businesses investing at least $500,000 in a building vacated for at least five years.

Democratic Rep. James Smith, of Columbia, said it's about bringing jobs and economic development to blighted areas.

According to a study by the Palmetto Trust for Historic Preservation, the measure would generate about $20 in revenue for every dollar of tax credit.

Advocates point to the success of a similar law approved years ago specifically for the renovation of old textile mills.

The measure requires another perfunctory vote to move to the Senate.

Copyright 2012 The Associated Press. All rights reserved.

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