COLUMBIA, S.C. (AP) - A bill that lawmakers hope will help turn abandoned buildings across South Carolina into bustling commercial space has advanced to the Senate floor.
The measure advanced Tuesday would give state income tax credits for renovating buildings vacated at least five years. The qualifying investment would range from $75,000 to $250,000 depending on the community's size.
State economic advisers say the bill would reduce state revenue by $1 million next fiscal year, then $3.8 million annually the next four years. There is an estimated 500,000 square feet of abandoned building space statewide.
The bill died in the Senate last year after passing the House.
Legislators approved a similar law several years ago directed at renovating old textile mills. Supporters say it helped create vibrant city centers in Greenville and Columbia.
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