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Tax Credits

A variety of state and federal tax credits are available depending on the type of development or revitalization project.

South Carolina Tax Credits

The state of South Carolina offers tax credits for revitalizing historical, textile, and abandoned buildings and the development of workforce and affordable housing.

Featured Project:

20 South Battery

Charleston

S.C. Historic

Historic Building Tax Credits

The historic building tax credit in South Carolina offers financial incentives to restore and preserve historic buildings. Developers generate credits based on qualified rehabilitation expenses. Credits are used to offset South Carolina tax liability. The program promotes economic development and preserves the state’s architectural heritage.

Featured Project:

Markley Place

Greenville

S.C. Textile

Textiles Communities Revitalization Tax Credits

South Carolina offers tax credits to incentivize the repurposing of old textile buildings. Developers and investors can generate tax credits by rehabilitating these structures, which can be applied against their state income tax liability. The program aims to drive economic development and preserve the textile industry’s heritage.

Featured Project:

The Dewberry

Charleston

S.C. Abandoned Building

Abandoned Building Tax Credits

The South Carolina Abandoned Building Tax Credit offers tax credits to incentivize the rehabilitation of vacant or underutilized buildings. It was designed for Main Streets in South Carolina and is useful for urban infield rehabilitations. The credit usage is similar to textile and S.C. Historic Credits.

Featured Project:

Schoolhouse Lofts

Spartanburg

S.C. LIHTC

Housing Tax Credit Program

The Housing Tax Credit Program (LIHTC) is a vital incentive for developers. It supports a much needed workforce and affordable housing through various eligible projects like new construction, rehabilitation, and adaptive reuse. Tax credit allocation leverages funds to keep rental rates affordable for tenants.

Federal Tax Credits

The federal government offers tax credits for revitalizing historic buildings and the use of renewable energy.

Featured Project:

Savage Craft Ale Works

West Columbia

Federal Historic

Historic Buildings Tax Credits

Federal historic tax credits incentivize the rehabilitation of historic buildings in the United States. Eligible participants can receive tax credits based on a percentage of qualified rehabilitation expenses. The program aims to preserve cultural heritage, stimulate economic development, and revitalize communities across the country.

Featured Project:

899 East Main Street

Spartanburg

Federal Renewable Energy

Renewable Energy Tax Credits

Renewable energy tax credits incentivize the adoption of clean energy by providing financial benefits for installing or investing in renewable energy systems. They aim to accelerate the transition to sustainable energy, reduce emissions, and promote energy independence.

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S.C. Angel Investment

Fuel Economic Growth

This tax credit is designed to incentivize investors, known as "angel investors," to support early-stage, high-growth businesses that contribute to job creation in the state. This tax credit amounts to 35% of the angel investor's investment in a qualified business, subject to specific limitations.

The company seeking investment must be less than five years old, it must have its headquarters in South Carolina, the business must have 25 or fewer employees within the state, and the company's gross income should be under $2 million in any previous fiscal year. Additionally, the business should be engaged in specific industries, such as manufacturing, processing, warehousing, wholesaling, software development, IT services, research and development, and certain service-related facilities. Furthermore, before receiving a qualifying investment, the company needs to complete an application with the Secretary of State and obtain approval.

For the angel investor to qualify for the tax credit, they must be accredited as per the rules set by the SEC, the investment must be made after the company has been qualified by the Secretary of State, and to benefit from the tax credit, the angel investor must complete the application process before December 31st of the year in which the investment is made. To claim the tax credit, the angel investor is required to file a tax credit form with their tax return.

MEET ANDREW PORIO

"Let’s start talking about using tax credits to make our community a better place.”