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June 5, 2014

Babcock building tax break dies in S.C. House

Efforts to sweeten a state tax break to help renovate the historic Babcock building died in the S.C. House this week.

Efforts to sweeten a state tax break to help renovate the historic Babcock building died in the S.C. House this week.

The proposal would have allowed a developer who plans to convert the dilapidated structure into a hotel and conference center to get $26.6 million in income tax credits over two years after construction.

Current law limits the credit to $6 million that can be claimed over five years.

Some House members wanted changes in the bill, and it did not get off the contested calender, Richland legislators who worked on the measure said.

Three legislators who worked on the bill, Reps. James Smith, Rick Quinn and Kirkman Finlay, said Thursday they intend to try again during next January’s session.

The three did not agree on the amount of the credit or buildings eligible for it.

Clif LeBlanc

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