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S 853

Abandoned Buildings Tax Credit

2025-2026 Regular Session Introduced by Margie Bright Matthews and 10 co-sponsors

South Carolina creates state tax credits for property owners who restore abandoned buildings, aiming to revitalize blighted areas through private investment incentives.

Effective date 05/19/26
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Bill Summary · S 853

Legislative bill overview

S 853 creates a state tax credit for property owners who rehabilitate abandoned buildings in South Carolina. The credit incentivizes renovation of vacant, deteriorated structures by offering tax relief to developers and investors undertaking restoration projects.

Why is this important

Abandoned buildings bligh urban and rural neighborhoods, reducing property values, creating safety hazards, and draining municipal resources. Tax credits can stimulate private investment in revitalization without direct public spending, potentially transforming distressed communities while generating local jobs and tax revenue.

Potential points of contention

  • Cost to state revenue: The fiscal impact depends on credit size, duration, and uptake; generous credits could significantly reduce state tax collections without guaranteed community benefits
  • Equity concerns: Credits may primarily benefit wealthy developers and investors rather than existing residents; gentrification risks if revitalization drives displacement
  • Definition and enforcement: The bill's effectiveness hinges on clear definitions of "abandoned" and standards for "rehabilitation" to prevent abuse or minimal improvements claiming credits

Compiled from official sources — confirm details with the bill’s official record.

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