The cost of revitalising defunct textile mills could drop significantly in South Carolina if a new law offering local or state tax breaks to investors is adopted.

The bill, known as the South Carolina Textiles Community Revitalisation Act, has already passed the state House and Senate.

It has the support of the South Carolina Chamber of Commerce and Governor Mark Sanford is expected to sign off on the bill shortly.

Under the law, a developer who revitalises a vacant mill could be entitled to property tax credits or personal or corporate income tax credits, which could amount to potential savings of thousands of dollars.

Since 1997, about 65 textile plants have closed in South Carolina, bringing about 14,000 job losses.