In South Carolina there are a number of tax incentives to help with the costs of preserving historic buildings. Refer to the chart in Preservation Hotline #11: Tax Savings for Owners of Historic Buildings (PDF) to begin identifying tax incentives that may apply to your building.
Tax Incentive Programs
H. 3485 (Act 172) was signed by Governor Henry McMaster on September 29, 2020. The Act amended Section 12-6-3535, Code of Laws of South Carolina, 1976, to provide that a taxpayer claiming the State Historic Rehabilitation Tax Credit must pay a preliminary and final fee to the Department of Archives and History for the State Historic Preservation Grant Fund.
H. 4300, the General Appropriations Bill for FY 23-24 contains proviso 117.157 (GP: Historic Preservation Certification Fee), which states: “For the current fiscal year, the requirements of Section 12-6-3535(G) are suspended.” Section 12-6-3535 (G) is the section that established the preliminary and final fee.
Therefore the Department of Archives and History will suspend collection of preliminary and final fees for applications received during FY 23-24 (July 1, 2023 - June 30, 2024).
Annual Reports (PDF)
SHPO Tax Credit Annual Report FY 21-22
SHPO Tax Credit Annual Report FY 20-21
SHPO Tax Credit Annual Report FY 19-20
SHPO Tax Credit Annual Report FY 18-19
SHPO Tax Credit Annual Report FY 17-18
SHPO Tax Credit Annual Report FY 16-17
This website does not provide legal, tax or accounting advice; the information provided is intended to be general in nature; and visitors to the website are strongly encouraged to consult their own professional tax, accounting and legal advisors on individual tax matters, or consult the SC Department of Revenue or the Internal Revenue Service (IRS). The SHPO is not responsible for the information or advice provided here as it may affect the specific tax consequences to any individual (including sole proprietor), corporate, partnership, estate or trust taxpayer, which will depend on many other facts and circumstances. The information is for the general benefit of persons interested in obtaining certifications from the SHPO that may allow them to qualify for federal and/or state historic income tax credits. Given the frequency of changes in federal and state tax laws, regulations and guidance, the information represents a good faith effort to reference controlling laws and regulations as accurately as possible.