COLUMBIA, S.C. - South Carolina Governor Henry McMaster hopes a new law will inject life into old buildings. The governor held a ceremonial signing on Wednesday for bill S. 1021. 

This law will extend the abandoned building tax credit through 2035. It also provides further incentives for investments in these buildings. The first South Carolina Abandoned Building Revitalization Act went into effect in 2013, offering income or property tax credits. 

According to the state, an abandoned building qualifies as a space in which 66% of it has sat empty for five years. South Carolina is currently the only state with an abandoned building tax credit. 

"Tax credits and tax cuts are among the most effective economic development tools we have as a state," said Governor McMaster. "By providing this tax credit, we encourage developers, business owners, and entrepreneurs to breathe new life into once-neglected properties. This will have a ripple effect in the areas around them, preserving our history, creating new jobs, and helping to bring even more pride to our communities."  

Some state lawmakers acknowledge that it may be cheaper to demolish an old building but at the cost of history.