City Accommodations & Hospitality Tax Grants
The grant cycle for the City Accommodations Tax Grants 2022-2023 fiscal year is now open. The deadline to apply for ATAX funding is 5:00 pm on Friday, April 29, 2022 for projects or events taking place between July 1, 2022 and June 30, 2023.
Accommodations Tax Grants are provided through revenue received by the City for its share of the 2% lodging tax levied by the State of South Carolina. These monies can only be used for activities related to tourism, including: advertising and promotion of tourism. promotion of the arts and cultural events. Entities applying for funding must be a non-profit organization, or represent a non-profit organization, registered with the Secretary of State of South Carolina.
For detailed information regarding how State Accommodations Tax Funds can be spent, please refer to Section 6-4-10 of the South Carolina Code of Laws and the Department of Revenue’s official advisory opinion contained in the SC REVENUE Ruling #98-22. This information is available online at www.scstatehouse.gov.
An Accommodations Tax Advisory Committee, mandated by the State of South Carolina, reviews applications and makes recommendations to City Council for the award of A-Tax funds. Accommodations Tax Advisory Committee members are selected from the hospitality and lodging industries, as well as from the community at large. Accommodations Tax expenditures are also reviewed by the State of South Carolina’s Tourism Expenditure Review Committee (TERC) who looks to distinguish between events attended primarily by those in the local community from those events that are designed for and attended primarily by non-residents who come from outside the community.
Questions should be directed to Suzi Sale, Tourism Director, 803-432-2421 or firstname.lastname@example.org.
2021-2022 City Accommodations Tax Grant Reporting
Reporting for FY 2021-2022 Accommodations Tax Grants must be completed and submitted within 90 days of the event or project completion and absolutely no later than June 30, 2022 in order to be eligible for reimbursement. Download the Accommodation Tax Grant Report and accompanying data sheet.
City Hospitality Tax Grants
Hospitality Tax Grant applications are be accepted on a rolling basis for the 2021-2022 fiscal year ending June 30, 2022.
If you have any questions about either funding program or are having trouble accessing the applications or reporting forms, please contact the Finance Department at 803-432-2421.
Economic Development Incentives
The City of Camden provides a variety of Economic Development Incentives. Print out a summary of incentives here.
City of Camden Incentives
- Façade Grants - Property owners can receive grants to assist in renovations to the facades of their building. The grants are a 1:1 match and are allocated at $75 per linear foot of building up to a maximum of $15,000. Download and print application here.
- Bailey Bill Property Tax Incentive - Owners of historic properties can have the value of the structure locked in for a period of 15 years for improvements that are approved that meet historic preservation standards. Property owners must invest at least 20% of the fair market value of the structure to qualify. This program requires approval by Camden City Council and must be approved prior to any work commencing. Download and read the summary here.
- Economic Development Incentive Program - City Council may approve incentives for economic development within the city limits for up to five years. A minimum investment must be made depending on the location of the development. Incentives available are provided as reimbursements and include up to 100% of capacity fees, up to 50% of building permit fees, up to 50% of business license fees, up to 50% of local hospitality fees collected, and up to 50% of local accommodations tax fees collected. Download and print application here.
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.
- 20% Federal 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.
- 10% 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 & 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 nonoperational 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.
- SC Retail Facilities Revitalization Act – REPEALED IN 2016 Formerly: There are property tax or income tax credits for rehabilitating abandoned retail facility sites that encourage businesses to renovate, improve and redevelop abandoned retail facility sites. Sites that are eligible are abandoned sites whose primary use was as a retail sales facility with at least one tenant occupying 40,000 SF or larger building.
- Tax credits for fire sprinkler systems – Property owners may qualify for a tax credit of 25% of the cost of installing a fire sprinkler system if the system is not required by code or regulation.
- Main Street Small Deal Fund – The National Trust Community Investment Corporation offers low-cost tax credit financing to historic properties in Main Street communities. Projects can receive up to $2 million in tax credit financing.
Few issues have captured the attention of investors like "opportunity zones."
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.
The Opportunity Zones program offers investors the following incentives for putting their capital to work here:
- 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.
- Read the recently released Proposed Opportunity Zones Regulations to learn the parameters of the program, including what gains qualify for deferral, which taxpayers and investments are eligible and other guidance.