From the Dome to Your Home
The Senate and House of Representatives met in special session on Tuesday and Wednesday to adopt the state tax conformity bill and debate the governor's budget vetoes. Cities and towns won a huge victory with the adoption of the Abandoned Buildings Revitalization tax credit extension.
House and Senate vote to override governor's veto on abandoned buildings tax credit
While they were in special session, House and Senate members voted overwhelmingly to override the governor's veto on S1043, the abandoned buildings tax credit bill.
S1043 extends the abandoned buildings tax credit until 2021. The bill also allows a multi-floor residential redevelopment, up to seven floors, to subdivide the floors into separate units for tax credit purposes. The bill limits rehabilitation expenses of textile mill sites to a 200 percent increase in the original square footage.
Passed in 2013, the Act created an incentive to rehabilitate, renovate and redevelop abandoned buildings in South Carolina. S1043 will ensure the incentive remains in place to give developers certainty for future projects planned after the incentive's current sunset in 2019.
For information on this bill, contact Melissa Carter (email@example.com) at 803.933.1251.
Stay in Touch
The Municipal Association legislative team is on Twitter bringing you updates from the State House when legislators are in Columbia for session. Follow Melissa Carter (@MelissaMuniSC), Scott Slatton (@ScottMuniSC) and Tiger Wells (@TigerMuniSC) on Twitter for updates. Also follow the Association at @MuniAssnSC.
Year-end legislative report
The 2018 year-end legislative report is online and summarizes all passed bills impacting cities and towns.
Save the Date for Hometown Legislative Action Day
Hometown Legislative Action Day is Tuesday, February 5, 2019, at the Marriott in Columbia. Look for hotel and registration details in December.