Hartsville’s Economic Development Incentive Program
This program allows that the City of Hartsville may make offers increasing Hartsville’s attractiveness to private developers interested in investing in developing new commercial construction and the rehabilitation of existing buildings located downtown and the corridors of Fourth, Fifth, and Sixth streets. Learn more.
Hartsville Opportunity Zone
Opportunity Zones are a new community development program established by Congress as a part of the Tax Cuts and Jobs Act of 2017. They are designed to encourage long-term private investments in low-income communities. This program provides a federal tax incentive for taxpayers who reinvest unrealized capital gains into “Opportunity Funds,” which are specialized vehicles dedicated to investing in low-income areas called “Opportunity Zones.”
The Opportunity Zones program offers investors the following incentives for putting their capital to work in low-income communities:
- Investors can roll existing capital gains into Opportunity Funds with no up-front tax bill.
- A 5-year holding increases the rolled-over capital gains basis by 10%.
- A 7-year holding increases the rolled-over capital gain investment basis 5% for a total of 15%.
- Investors can defer their original tax bill until December 31, 2026, at the latest, or until they sell their Opportunity Fund investments, if earlier.
- Opportunity Fund investments held in the fund for at least 10 years are not taxed for capital gains.
The South Carolina Bailey Bill (SC Code of Laws §4-9-195 and §5-21-140) authorizes local governments to offer a special property tax assessment for rehabilitated historic buildings. See the documents below for more details.
Strategic Investment Zone Incentive Program
The Strategic Investment Zone (SIZ) incentive program has been developed to provide decent, safe, and affordable housing to persons of low to moderate income in areas where new housing contraction opportunities have been overlooked. These ares are identified in the Strategic Investment Zone map. Accommodated types of housing are single family detached, single family attached, mixed use, duplexes, condominiums, and townhouses.
- Strategic Investment Overlay Zone Design Guidelines (PDF)
- Strategic Investment Zone Ordinance Program Overview (PDF)
- Strategic Investment Zone Program Application (PDF)
- Strategic Investment Zone map (View JPG) (PDF coming soon)