S 0164 General Bill, By M.T. Rose
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 12-7-1211 so as to enact the Affordable Housing Tax Credit Act.

   01/12/93  Senate Introduced and read first time SJ-69
   01/12/93  Senate Referred to Committee on Finance SJ-69

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-1211 SO AS TO ENACT THE AFFORDABLE HOUSING TAX CREDIT ACT.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. This act may be cited as the Affordable Housing Tax Credit Act.

SECTION 2. Article 10, Chapter 7, Title 12 of the 1976 Code is amended by adding:

"Section 12-7-1211. (A) As used in this section:

(1) `Business firm' means a business entity authorized to do business in this State and subject to taxes imposed under this chapter.

(2) `Credit' means the low-income housing credit as established in this section.

(3) `Federal low-income housing tax credit' means the federal low-income housing tax credit as provided for in Section 42 of the Internal Revenue Code of 1986.

(B) Every business firm which is engaged in a for-profit business enterprise within this State and which qualifies for a federal low-income housing tax credit qualifies for the low-income housing tax credit. A business firm which qualifies for the credit as provided in this section may apply the credit against tax due under this chapter.

(C) The amount of the tax credit available to a business firm which qualifies under this section is equal to fifty percent of the federal low-income housing tax credit that the business firm is entitled to in the current tax year."

SECTION 3. Upon approval by the Governor, this act is effective for taxable years beginning after 1992.