Allows transfer of income tax credits under the South Carolina Textiles Communities Revitalization Act and the South Carolina Abandoned Buildings.

This bill amends the South Carolina Code to allow income tax credits under the Textiles Communities Revitalization Act and the Abandoned Buildings Revitalization Act to be sold, exchanged, or otherwise transferred. A tax credit or increment of a tax credit may be transferred only once and can be used by any taxpayer. Unused amounts may be carried forward to succeeding taxable years. The Department of Revenue may develop procedures for the transfer of the credits.

Allows transfer of income tax credits under the South Carolina Textiles Communities Revitalization Act and the South Carolina Abandoned Buildings.

This bill amends the South Carolina Code to allow income tax credits under the Textiles Communities Revitalization Act and the Abandoned Buildings Revitalization Act to be sold, exchanged, or otherwise transferred. A tax credit or increment of a tax credit may be transferred only once and can be used by any taxpayer. Unused amounts may be carried forward to succeeding taxable years. The Department of Revenue may develop procedures for the transfer of the credits.