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Article published Apr 29, 2004
Bill offering tax credits for mill restoration nears final
passage
ROBERT W. DALTON
Staff
Writer
COLUMBIA -- A bill aimed at revitalizing communities
devastated by the decline of the textile industry is a step closer to becoming
law.The state House on Wednesday gave second reading to a bill that would give
tax credits to anyone who restores an old mill. The Senate passed the bill in
March, and the House amended the bill to match one introduced by Rep. Scott
Talley, R-Spartanburg.The bill will receive third reading today and then be sent
back to the Senate for concurrence. If the Senate agrees with the changes, the
bill will head to Gov. Mark Sanford's desk."I think this bill has enormous
potential to become an economic development and job creation engine across the
state," Talley said. "All we can do is provide the opportunity and hope people
will come in and take advantage of it."Under the proposal, anyone who renovates
a mill that has been vacant for at least two years could receive a property tax
credit equal to 25 percent of the restoration costs. The municipality or county
in which the building is located would determine the eligibility of the site and
the project.The bill also provides for an income tax credit of 25 percent of the
renovation costs, subject to approval by the state Department of Commerce.The
credits would not apply until the work is finished.The law would go into effect
on July 1 and would apply to projects that go into service on or after that
date. The proposed racing museum in Spartanburg could be eligible under the
plan.Rep Mike Anthony, D-Union, said the proposal would entice some
entrepreneurs to redevelop some aging mills."I don't think anything is going to
happen overnight, but it gives people an opportunity," Anthony said."I think
people would love to go shopping or eat at a restaurant that's in an old
mill."Robert W. Dalton can be reached at 562-7274 or bob.dalton@shj.com.