S.0853

Amends South Carolina's Abandoned Buildings Revitalization Act to clarify definitions and eligibility for tax credits.

This bill amends the South Carolina Code to modify the Abandoned Buildings Revitalization Act. It redefines "abandoned building" and "building site," clarifies that the existence of an income-producing use prior to abandonment is not required for eligibility. It also specifies that rehabilitation expenses for tax credit purposes must be incurred after filing a Notice of Intent to Rehabilitate. Additionally, it prohibits using the tax credit as collateral for debt and removes the requirement for certain certifications of state-owned abandoned building sites.