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South Carolina amends law to revive sick textile units

from Fibre2Fashion

The “taxpayer-friendly” amendment, cleared on May 23, seeks to remove a 50 percent cap applicable to the income tax credit provided by the Act. The amendment enhances the value of the credit by accelerating the time period for claiming the credit and applies to credits claimed for income tax year 2016, regardless of when the credit was earned. The South Carolina Textiles Communities Revitalization Act provides financial incentives for rehabilitation, renovation, and redevelopment of abandoned textile mill sites in South Carolina. A textile mill site means a textile mill together with the land and other improvements on it which were used directly for textile manufacturing operations or ancillary uses. more


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