Retail facilities “Closed Big Box” revitalization Credit (Presentation)

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SC Retail Facilities Revitalization Act – enacted in 2006 – S.C. Code §6-34-10 et. seq.

..Allows a taxpayer who improves, renovates, or redevelops an “eligible site” to benefit from either a property tax credit or an income tax credit.

First Question – What qualifies as an “eligible” site?

..“A shopping center, mall, or free standing site whose primary use was as a retail sales facility with at least one tenant or occupant located in a forty thousand square foot or larger building or structure”.

..The shopping center, mall, or freestanding site must have also have been “abandoned.”..

Please see full presentation below for more information.

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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