Reference is to Printer's Date 6/2/15-H.
Amend the bill, as and if amended, SECTION 1, by adding a Section to read:
XV. Nonrecurring Appropriation
Emergency Management
Division - 2014 Winter Storm
Local Matching
Funds $4,000,000 /
Amend the bill further, SECTION 4, Proviso 1.68, by striking 1.68(B) and (D) and inserting:
/ (B) A
person is entitled to a tax credit against income taxes imposed
pursuant to Chapter 6, Title 12, or bank taxes imposed pursuant
to Chapter 11, Title 12 for the amount of cash and the monetary
value of any publicly traded securities the person contributes
to a nonprofit scholarship funding organization up to the limits
of this paragraph if:
(1)
the contribution is used to provide
grants for tuition to exceptional needs children or foster
children enrolled in eligible schools who qualify for these
grants under the provisions of this paragraph; and
(2)
the person does not designate a specific
child or school as the beneficiary of the contribution.
(D)(1)(a)
The tax credits authorized by subsection (B) may not
exceed cumulatively a total of eight million dollars for
contributions made on behalf of exceptional needs students and
foster children. If the department determines that the total of
such credits claimed by all taxpayers exceeds either limit
amount, it shall allow credits only up to those amounts on a
first come, first served basis.
(b)
The department shall establish an
application process to determine the amount of credit available
to be claimed. The receipt of the application by the department
shall determine priority for the credit. Subject to the
provisions of item (5), contributions must be made on or before
June 30, 2016, in order to claim the credit. The credit must be
claimed on the return for the tax year that the contribution is
made.
(2)
A taxpayer may not claim more than sixty
percent of their total tax liability for the year in
contribution towards the tax credit authorized by subsection
(B). This credit is not refundable.
(3)
If a taxpayer deducts the amount of the
contribution on the taxpayer's federal return and claims
the credit allowed by this paragraph, then the taxpayer must add
back the amount of the deduction for purposes of South Carolina
income taxes.
(4)
The department shall prescribe the form
and manner of proof required to obtain the credit authorized by
subsection (B). Also, the department shall develop a method of
informing taxpayers if the credit limit is met at any time
during Fiscal Year 2015-16.
(5)
A person only may claim a credit pursuant
to subsection (B) for contributions made between July 1, 2015
and June 30, 2016.
/
Amend the bill further, SECTION 4, by adding a Section to read:
100.18. (ADJ:
Winter Storm) From the funds appropriated in
Part 1A, Section 100, for 2014 Winter Storm Local Matching
Funds, local governments shall receive allocations to offset
storm cleanup expenses resulting from the winter storms during
states of emergency declared by Executive Orders 2014-06 and
2014-11. Expenses eligible for reimbursement are those incurred
by county and municipal governments and deemed eligible for
reimbursement by the Federal Emergency Management Agency (FEMA),
but were not reimbursed due to local match requirements. The
amount reimbursed to each eligible local government shall be 25%
of their Total Non-Federal Aid Share. The intent of the General
Assembly is for the local government to pay at least 75% of the
Total Non-Federal Aid Share. /
Renumber sections to conform
Amend title to conform