Current Status Introducing Body:Senate Bill Number:1285 Primary Sponsor:Reese Committee Number:06 Type of Legislation:JR Subject:Income tax corporate headquarters credits Residing Body:Senate Current Committee:Finance Computer Document Number:JIC/5798HTC.94 Introduced Date:19940322 Last History Body:Senate Last History Date:19940322 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Reese Type of Legislation:Joint Resolution
Bill Body Date Action Description CMN Leg Involved
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1285 Senate 19940322 Introduced, read first time, 06
referred to Committee
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ALLOWING THE STATE INCOME TAX CORPORATE HEADQUARTERS CREDITS OF A GROUP OF CORPORATIONS PRIMARILY ENGAGED IN THE ENGINEERING AND CONSTRUCTION AND RELATED BUSINESSES WHICH FILED A CONSOLIDATED SOUTH CAROLINA CORPORATE INCOME TAX RETURN FOR ITS TAXABLE YEAR ENDING IN 1991 TO CLAIM THE CORPORATE HEADQUARTER TAX CREDIT AGAINST THE CORPORATE INCOME TAX OR CORPORATE LICENSE TAX LIABILITY OF ANY MEMBER OF THE GROUP.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. In the case of a group of corporations primarily engaged in the engineering and construction and related businesses that filed a consolidated South Carolina corporate income return for it taxable year ending in 1991, credits earned by any group member pursuant to Section 12-7-1245 of the 1976 Code for the tax year ending in 1991, including the carryover to that year of unused credits from prior years, may be utilized against the tax liability under Sections 12-7-230 and 12-19-70 of the 1976 Code of any member of the group of corporations for the taxable year ending in 1991 or for any subsequent taxable year during the carryforward period pursuant to Section 12-7-1245. For this purpose, the "group of corporations" includes any group member that may be added in subsequently filed consolidated corporate returns during the carryforward period.
SECTION 2. This joint resolution takes effect upon approval by the Governor.