South Carolina Historic Rehabilitation Tax Credit

 

Overview

The South Carolina Historic Rehabilitation Tax Credit (“SCHTC”) is available for income-producing and residential buildings which are determined a “qualified historic structure” by the SHPO and which are substantially rehabilitated and determined a certified historic rehabilitation under the same guidelines as the federal credit.

Taxpayers who rehabilitate an income-producing property under the SCHTC program may be eligible to have 10% of the total qualified rehabilitation expenditures returned to the owner in the form of a dollar-per-dollar credit on state income taxes.

Taxpayers who rehabilitate their owner-occupied residence may be eligible to subtract 25% of the costs of many expensive repairs and renovations from their state income taxes.


Other Programs

SOUTH CAROLINA ABANDONED BUILDING TAX CREDIT

South Carolina tax credits are available for the rehabilitation, renovation, and redevelopment of buildings that have been abandoned for at least five years. This tax credit measure provides a 25% state tax credit up to $500,000 that may be used against state income tax, corporate license fees, tax of insurance premiums or real property taxes. Applicants are required to file a Notice of Intent to Rehabilitate with the appropriate authority and declare whether they will apply the credit to real property tax prior to the start of the project. These incentives can be taken in addition to the state historic tax credit.

SOUTH CAROLINA TEXTILE COMMUNITIES REVITALIZATION TAX CREDIT

South Carolina tax credits are available for the rehabilitation, renovation, and redevelopment of textile properties that have been abandoned for at least one year. This tax credit measure provides a 25% state tax credit that may be used against state income tax, corporate license fees, tax of insurance premiums or real property taxes. Applicants are required to file a Notice of Intent to Rehabilitate with the appropriate authority and declare whether they will apply the credit to real property tax prior to the start of the project.