H 4999 General Bill, By Bowers

Similar(H 4993)
 A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
 12-6-1230 SO AS TO ALLOW AN INCOME TAX CREDIT TO CERTAIN NEW BUSINESSES IN
 THIS STATE FOR SOCIAL SECURITY TAXES PAID ON AN EMPLOYEE'S WAGES; AND TO AMEND
 SECTION 12-37-220, AS AMENDED, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO
 GRANT AN EXEMPTION TO CERTAIN NEW BUSINESSES IN THIS STATE.

   03/18/04  House  Introduced and read first time HJ-29
   03/18/04  House  Referred to Committee on Ways and Means HJ-30

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-1230 SO AS TO ALLOW AN INCOME TAX CREDIT TO CERTAIN NEW BUSINESSES IN THIS STATE FOR SOCIAL SECURITY TAXES PAID ON AN EMPLOYEE'S WAGES; AND TO AMEND SECTION 12-37-220, AS AMENDED, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO GRANT AN EXEMPTION TO CERTAIN NEW BUSINESSES IN THIS STATE.

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

SECTION    1.    Chapter 6 of Title 12 of the 1976 Code is amended by adding:

"Section 12-6-1230.    A business that initiates operation in this State after July 1, 2004, or has been in operation less than twelve months before that date, and has not or does not qualify for economic assistance, tax credits, or other incentives available pursuant to any other economic development act provided in this State may claim a credit against income taxes for the first five years of its operation in an amount equal to the Social Security taxes paid by the business on its employees' wages."

SECTION    2.    Section 12-37-220(B) of the 1976 Code, as last amended by Act 69 of 2003, is further amended by adding an appropriately numbered item to read:

"( )    personal property otherwise taxable except that it is owned by a business which initiates operation in this State after July 1, 2004, or had been in operation less than twelve months before that date, and has not or does not qualify for economic assistance, tax credits, or other incentives available pursuant to any other economic development act provided in this State. This exemption is effective for the first five years of its operation."

SECTION    3.    Upon approval by this Governor, this act takes effect July 1, 2004.