Renovating historical buildings in the Upstate has been popular lately… but this growth may be affected by an effort to overhaul the nation’s Historic Tax Credit (HTC). A Tax Cuts and Jobs Act, passed by the U.S. House of Representatives earlier this month eliminated the HTC, which provides a 20% credit that can be claimed by developers of certified building.
S.C. Senators Tim Scott + Lindsey Graham have shown support towards preserving historic buildings and keeping the 20% incentive in place, which has brought in about $148 million to our state since HTC was introduced 41 years ago.
Some recognizable projects include:
- $28 million Palmetto Compress project in Columbia
- $15 million Gibbes Museum of Art in Charleston
- $20.9 million Brandon Mill renovation in Greenville
The Senate is currently working on its version of the bill. Republican leaders plan to hold a floor vote once members return from Thanksgiving break.
