City of Camden Incentives
Property owners or business tenants can receive grants to assist in renovations to the facades of their commercial buildings. These reimbursement grants are currently awarded as a 50% match, allocated at $75 per linear foot of the facade, up to a maximum of $15,000. Download and print application below.
Bailey Bill Property Tax Abatement Incentive
Owners of approved historic properties throughout Kershaw County can have the assessed value of the structure locked in for a period of 15 years for improvements that meet historic preservation standards. Property owners must invest at least 20% of the current fair market value of the structure to qualify for this tax abatement incentive. This program requires application with our Planning and Development Department and approval by the Historic Landmarks Commission and Camden City Council prior to any work commencing. This incentive can also be combined with state and federal historic tax credits. For properties within Camden City Limits, applications must be submitted to both the City of Camen and the Kershaw County government. Properties outside of Camden City Limits may submit only the Kershaw County application.
Economic Development Incentive Program
Individualized incentives for economic development within the city limits are also available for up to five years, as approved by City Council. A minimum investment is required, the amount of which depends on the geographic location of the development. Incentives available are provided as reimbursements and may include some or all capacity fees, permit fees, business license fees, hospitality fees collected, and local accommodations tax fees collected. Please submit application to City Manager Jon Rorie.
Historic Tax Credits
There are two tax credit programs available for the rehabilitation of historic structures. These programs require approval by the State Historic Preservation Office and/or the National Park Service and must be approved prior to any work commencing. Buildings listed individually in the National Register of Historic Places or buildings that contribute to a National Register historic district are eligible. If you have questions about the eligibility of a property, please contact Planning & Development Director Shawn Putnam (email@example.com)
Historic Rehabilitation Tax Credit
Federal income tax credit equal to 20% of rehabilitation costs. In general, each dollar of tax credit earned reduces the amount of federal income taxes owed by one dollar. Only for income-producing properties.
State Historic Rehabilitation Tax Credit
State income tax credit equal to 10% of rehabilitation costs. In general, each dollar of tax credit earned reduces the amount of state income taxes owed by one dollar. Only for income-producing properties. This incentive can be combined with the 20% Federal Historic Rehabilitation Tax Credit.
State, Federal and Other Incentives
SC Abandoned Buildings Revitalization Act
This provides either an income tax or property tax credit for renovating abandoned income-producing buildings. Sites that are eligible are buildings or structures, at least 66% of which has been closed continuously or otherwise non-operational for at least five years. A minimum investment of $150,000 is required to qualify.
SC Textiles Communities Revitalization Act
There are property tax or income tax credits for rehabilitating abandoned textile mill sites that encourage businesses to renovate, improve and redevelop abandoned textile mill sites. Sites that are eligible are abandoned sites initially used for, or designed for use by, textile manufacturing. “Abandoned” means that at least 80% of the site has been closed for a period of at least one year.
Main Street Revitalization Fund
The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, offers low-cost tax credit financing to historic properties in Main Street communities. NTCIC’s Irvin Henderson Main Street Revitalization Fund (MSRF) provides up to $2 million in tax credit financing per project with a combination of federal Historic (HTC) and New Markets Tax Credits (NMTCs).
The opportunity zone program was created under the 2017 Tax Cuts and Jobs Act to provide local and national investors with a tax incentive for investments in economically distressed areas of the country. In South Carolina much of Tract #45055970800 comprises the City of Camden – more than any other place in Kershaw County. Although the contribution deadlines for certain provisions have passed, investing in a Qualified Opportunity Zone Fund still allows taxpayers to defer capital gains on other sales or investments through December 31, 2026. Opportunity fund investments held in the fund for at least 10 years are not taxed for capital gains.