Law aims to help save historic buildings in South Carolina
COLUMBIA, S.C. (WRDW/WAGT) - South Carolina is the only state in the nation with a unique program that encourages the transformation of what may once have been eyesores – into community treasures.
Now a new law will give more people the opportunity to take advantage of it.
Consider the buildings that make up the popular Savage Craft Ale Works in West Columbia.
Not too long ago, they were abandoned.
The owner says he couldn’t have made this what it now is — without a state tax credit program focused on abandoned buildings.
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Before it was a spot to gather and share a drink in West Columbia – Savage Craft Ale Works lived a past life as an old Army hall and jail – dating back to the early 1900s.
“When we are in buildings and places like this, it takes us back and makes us appreciate all that is done and makes us understand what we can do,” Gov. Henry McMaster said.
But owner Andrew Baumgartner says its transformation after sitting vacant for years – wouldn’t have been possible without some help: A state tax credit for people who give new life to abandoned buildings.
“This bill has afforded me the opportunity to achieve the dream of entrepreneurship and enabled me to participate in the great American tradition of small business ownership,” Baumgartner said.
A new law McMaster and state legislators celebrated Tuesday – will keep this program around for years to come.
It was slated to end next year – but it’s now extended for another decade.
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“It may be cheaper to simply bulldoze an old building and ruin the character and what it gave the community in the past, but there is a value to rehabilitating it,” said Sen. Tom Davis, R-Beuafort, the bill’s lead sponsor.
The new law also expands how much of a tax credit developers can receive for revitalizing buildings that have sat vacant for at least five years.
Now, they can get a reduction on their income taxes for three years – capped at $700,000.
“The tax credit that’s allowed is only 25% of the rehabilitation expenditures, so the developer has to have a lot of skin in the game,” Davis said.
ers say revitalization work like what took place at Savage Craft in recent years – strengthens public safety around formerly abandoned buildings … creates jobs … helps the local economy … and preserves state history.
“This is not just about bricks and mortar. This is about breathing new life into communities,” said Rep. Micah Caskey, R-Lexington.
Davis says the tax credit has been used in all 46 counties since it was first enacted about a decade ago.
The bill garnered bipartisan at the State House — and overwhelmingly ed in the General Assembly earlier this year.
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