In South Carolina there are a number of tax incentives to help with the costs of preserving historic buildings. Both owner-occupied historic homes and historic buildings used to produce income -- stores, offices, apartment buildings, for example -- may be eligible for tax incentives.
Note: The state law was revised on June 9, 2015. For changes, see
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.
Taxpayers should consult with an accountant or other professional tax advisor for help in determining whether the programs will be of benefit to them.
ATTENTION: PLEASE SEE BELOW REGARDING RECENT CHANGES TO THE FEDERAL HISTORIC TAX CREDIT
From the National Park Service: On December 22, 2017, Public Law No: 115-97 (Pub. L. 115-97) was signed and enacted, amending the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses. Pub. L. 115-97 (Sec. 13402) modifies the 20% Historic Rehabilitation Tax Credit as well as provides certain transition rules. These and other changes to the Internal Revenue Code may affect a taxpayer's ability to use the 20% Historic Tax Credit. Pub. L. 115-97 also repeals the 10% Rehabilitation Tax Credit for non-historic buildings. The text of Pub. L. 115-97 is available at www.congress.gov.
Applicants requesting historic preservation certifications by the National Park Service as well as others interested in the use of these tax credits are strongly advised to consult an accountant, tax attorney, or other professional tax adviser, legal counsel, or the Internal Revenue Service regarding the changes to the Internal Revenue Code related to Pub. L. 115-97.
Visit the following webpages to learn more about tax incentives:
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.
Olympia Mill in Columbia
Charleston Historic District residence