View Amendment Current Amendment: 10a to Bill 3720 Rep. J.E. SMITH proposes the following Amendment No. to H.3720 as introduced by Ways & Means
(Doc Name COUNCIL\SD\3720C008.NL.SD17.DOCX):


Amend the bill, as and if amended, Part IB, Section 118, STATEWIDE REVENUE, by adding an appropriately numbered paragraph at the end to read:

/      118.__. (SR: Energy Resource Tax Credit) In addition to the credits allowed pursuant to Section 12-6-3770 of the 1976 Code of Laws, for Fiscal Year 2017-2018, there is allowed an income tax credit for a taxpayer who constructs, purchases, or leases solar energy property located 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 Fiscal Year 2017-2018. The credit is 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. 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 proviso to the extent the cost of the solar energy property is provided by public funds. For purposes of this proviso, 'public funds' does not include federal grants or tax credits.      
     the income tax credits allowed pursuant to this paragraph and the income tax credits allowed pursuant to Section 12-6-3770 together are subject to the overall limitation of two million five hundred thousand dollars in available credits for the year in which these solar energy properties are placed into service.      /

Renumber sections to conform.
Amend totals and titles to conform.