H5252

Amends South Carolina tax code to clarify eligibility for abandoned buildings tax credit.

The bill amends the South Carolina tax code to clarify eligibility for the abandoned buildings tax credit. It specifies that the credit applies to abandoned building sites or phases or portions thereof put into operation for income-producing purposes. It removes the requirement for certification of state-owned abandoned building sites and clarifies that abandoned buildings tax credits may not serve as collateral for any debt. The bill also allows taxpayers to transfer remaining credit to lessees or transferees of building sites.