Bill Text: SC H3682 | 2019-2020 | 123rd General Assembly | Introduced
Bill Title: SC Textiles Communities Revitalization Act
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-01-22 - Referred to Committee on Ways and Means [H3682 Detail]
Download: South_Carolina-2019-H3682-Introduced.html
A BILL
TO AMEND SECTION 12-65-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR THE "SOUTH CAROLINA TEXTILES COMMUNITIES REVITALIZATION ACT", SO AS TO PROVIDE THAT A CERTAIN CAP ON REHABILITATION EXPENSES ONLY APPLIES TO CERTAIN REHABILITATED BUILDINGS ON CONTIGUOUS PARCELS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-65-20(4) and (8) of the 1976 Code, as last amended by Act 265 of 2018, is further amended to read:
"(4)(a) 'Textile mill site' means the textile mill together with the land and other improvements on it which were used directly for textile manufacturing operations or ancillary uses. However, The area of the site is limited to the land located within the boundaries where the textile manufacturing, dying, or finishing facility structure is located and does not include land located outside the boundaries of the structure or devoted to ancillary uses.
(b) Notwithstanding the provisions of this item (4)(a), with respect to any (1) site acquired by a taxpayer before January 1, 2008, (2) a site located on the Catawba River near Interstate 77, or (3) a site which, on the date the notice of intent to rehabilitate is filed, is located in a distressed area of a county in this State, as designated by the applicable council of government, the 'textile mill site' includes means the textile mill structure, together with all land and improvements which were used directly for textile manufacturing operations or ancillary uses, or were located on the same parcel or a contiguous parcel within one thousand feet of any textile mill structure or ancillary uses. For purposes of this item subitem, 'contiguous parcel' means any separate tax parcel sharing a common boundary with an adjacent parcel or separated only by a private or public road.
(8)(a) 'Rehabilitation expenses' means the expenses or capital expenditures incurred in the rehabilitation, renovation, or redevelopment of the textile mill site, including without limitations, the demolition of existing buildings, environmental remediation, site improvements and the construction of new buildings and other improvements on the textile mill site, but excluding the cost of acquiring the textile mill site or the cost of personal property located at the textile mill site. For expenses associated with a textile mill site to qualify for the credit, the textile mill and buildings on the textile mill site must be either renovated or demolished. Rehabilitation expenses associated with new or rehabilitated buildings on a textile mill site that increases the amount of square footage of the buildings that existed on the site by more than two hundred percent must not be considered a rehabilitation expense for the purpose of calculating the credit.
(b) Notwithstanding subitem (a), for the purpose of calculating the credit with regard to new or rehabilitated buildings on 'contiguous parcels' referenced in item (4)(b), 'rehabilitation expenses' do not include expenses that increase the amount of square footage of the buildings that existed on that contiguous parcel immediately preceding the time at which the textile mill became abandoned by more than two hundred percent."
SECTION 2. This act takes effect upon approval by the Governor and first applies to tax years beginning after 2017.
