Reference is to Printer's Date 3/1/16--S.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. A. Section 12-37-220(B) of the 1976 Code, as last amended by Act 23 of 2015, is further amended by adding items at the end to read:
"(52) eighty
percent of the fair market value of a renewable energy
generation property required to be returned, pursuant to Section
12-37-970, or to be appraised and assessed pursuant to Section
12-4-540. For purposes of this item, 'renewable energy
generation property' means property that generates electric
power by the use of a renewable energy resource, as defined in
Section 58-40-10(F). This exemption only applies for the ten
consecutive property tax years after the facility becomes
operational, provided, however, that the property became
operational after property tax year 2012 and before property tax
year 2021. For property that became operational in property tax
year 2013 or 2014, this exemption applies for ten consecutive
property tax years beginning in property tax year 2016 so long
as the property was not subject to a fee in lieu agreement as of
December 31, 2014, pursuant to Chapter 44 of the title, or
Chapter 12 or 29 of Title 4. For property that became
operational in property tax year 2013, 2014, or 2015, if the
property was subject to a fee in lieu agreement as of December
31, 2015, pursuant to Chapter 44 of the title, or Chapter 12 or
29 of Title 4, then the property is eligible for the exemption
so long as the taxpayer notifies the other parties to the
agreement of such election no later than thirty days after the
effective date of this item, and, upon the expiration of the
exemption, at the taxpayer's discretion, the provisions of the
applicable pre-existing agreement may apply. The exemption for
property that became operational in property tax year 2013,
2014, or 2015 applies for ten consecutive property tax years
beginning in 2016. This exemption applies only if the property
does not meet the exemption of distributed renewable energy
generation property for residential use provided by item (53).
A taxpayer claiming an exemption allowed by this item also may
not claim the exemption, pursuant to Section 12-37-220(A)(7)
with respect to the renewable energy generation property;
(53) distributed
renewable energy generation property for residential use. For
purposes of this item, 'distributed renewable energy generation
property' means property that generates electric power by the
use of a renewable energy resource, as defined in Section
58-40-10(F), that has a nameplate capacity of no greater than
twenty kilowatts."
B. This SECTION takes effect upon approval by the Governor and first applies to property tax years beginning after 2015.
SECTION 2. A. Section 12-6-3770(A) of the 1976 Code, as added by Act 134 of 2016, is amended to read:
"(A) A taxpayer who constructs, purchases, or leases solar energy property located on the Environmental Protection Agency's National Priority List, National Priority List Equivalent Sites, or on a list of related removal actions, as certified by the Department of Health and Environmental Control, or on property owned by the Pinewood Site Custodial Trust located in the State of South Carolina, and places it in service in this State during the taxable year, is allowed an income tax credit equal to twenty-five percent of the cost, including the cost of installation, of the property. The credit is earned in the year in which the solar energy property is placed in service, but must be taken in five equal annual installments, beginning in the year in which the solar energy property is placed in service. Unused credit may be carried forward for five taxable years from the year in which the credit was able to be taken. A lessor shall give a taxpayer who leases solar energy property from him a statement that describes the solar energy property and states the cost of the property upon request. A credit is not allowed pursuant to this section to the extent the cost of the solar energy property is provided by public funds. For purposes of this section, 'public funds' does not include federal grants or tax credits."
B. This SECTION takes effect in income tax years beginning after 2015, and shall apply and terminate in the same manner as provided in Section 1.B. of Act 134 of 2016.
SECTION 3. Except where provided otherwise, this act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.