H 3505 Session 112 (1997-1998)
H 3505 General Bill, By Stuart, Simrill and Townsend
Similar(S 387)
A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
12-6-3495 SO AS TO PROVIDE A CREDIT AGAINST THE CORPORATE INCOME TAX FOR A
PORTION OF THE DIRECT PAYROLL EXPENDITURE OF A MANUFACTURER FOR HIRING A
STUDENT IN A PUBLIC SECONDARY EDUCATION "SCHOOL TO WORK" PROGRAM.
02/20/97 House Introduced and read first time HJ-27
02/20/97 House Referred to Committee on Ways and Means HJ-27
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA,
1976, BY ADDING SECTION 12-6-3495 SO AS TO PROVIDE A
CREDIT AGAINST THE CORPORATE INCOME TAX FOR A
PORTION OF THE DIRECT PAYROLL EXPENDITURE OF A
MANUFACTURER FOR HIRING A STUDENT IN A PUBLIC
SECONDARY EDUCATION "SCHOOL TO WORK" PROGRAM.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is
amended by adding:
"Section 12-6-3495. A corporate taxpayer operating a
manufacturing facility in this State as defined in Section
12-6-3360(M)(5) is allowed a credit against the tax imposed pursuant
to Section 12-6-530 in an amount equal to twenty percent of the
taxpayer's direct payroll cost in a taxable year in employing a public
secondary school student in connection with the 'school to work'
cirriculum when this participation by the employer has been certified
by the State Department of Education and the Department of
Revenue as a qualifying 'school to work' program. No credit is
allowed if any other credit allowed by this article is claimed in
connection with these payroll costs. Unused credit may be carried
forward for three succeeding taxable years. The taxpayer must
maintain those records in connection with this credit as the
Department of Revenue may require."
SECTION 2. Upon approval by the Governor, this act is effective
for taxable years beginning after 1996.
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