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Senate rejects second reading of Commercial Property Clean Energy and Resilience Act (S 256)
Summary
Senator Davis (Buford) described S 256 as a program enabling capital markets to finance commercial energy efficiency upgrades secured by a property tax lien with required local-program adoption and mortgage-holder subordination; the Senate rejected the bill on second reading by a roll call vote, 17–27.
Senator Davis of Buford presented S 256, the "South Carolina Commercial Property Clean Energy and Resilience Act," which would create a statutory mechanism for capital markets to loan money to commercial property owners for energy-efficiency improvements secured by a statutory property tax lien, provided local governments establish an enabling program and mortgage holders consent to subordination.
"It essentially establishes a mechanism whereby capital markets can loan money to commercial property owners to affect certain energy efficiency improvements with the lien for that particular loan being the statutory property tax lien," Davis told the Senate, describing program administration, application processes, lien assessment and collection procedures.
After the required roll-call for second reading, the clerk recorded the votes. The roll-call tally and subsequent announcement by the presiding officer reported that the second reading failed by a vote of 17 to 27; the bill will not proceed at this time. The sponsor said the measure had previously been carried over to allow members additional review, and the defeat on second reading closes the measure unless it is reintroduced or amended later in the session.
No amendment or reauthorization was adopted on the floor during the session.
