Current Status Bill Number:3768 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950308 Primary Sponsor:Fulmer, All Sponsors:Fulmer, Littlejohn, Keegan, Elliott, Hutson, Cotty, Meacham, Wilkes, Wofford, Wright, Mason, McCraw, Tripp, Seithel, Klauber, Trotter, Harrison, Quinn, Sharpe, Bailey, Law, R. Smith, Simrill, Jaskwhich, McAbee, Carnell, Kelley, Koon, Gamble, Fair, Herdklotz, Cato, Wells, Hallman, Harrell, Cain, Worley, Whatley, Allison, Limehouse, Robinson, Chamblee, A. Young, Boan, Tucker, Shissias, Haskins, Witherspoon, Thomas, Dantzler, Cooper, Stoddard, Wilder, Marchbanks, Phillips, Easterday, Riser, Vaughn, S. Whipper, Knotts, Jennings, Delleney, H. Brown, Davenport, McTeer, Richardson, Martin, Hodges, J. Young, Beatty, Scott, Kennedy, Wilkins and Keyserling Drafted Document Number:JIC\5514AC.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Jobs tax credits
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19950308 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 12-7-1220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CREDITS FOR NEW JOBS, SO AS TO DELETE THE REQUIREMENT THAT AN "S" CORPORATION MUST QUALIFY TO USE THE FEE IN LIEU OF PROPERTY TAXES IN SECTION 4-29-67 IN ORDER TO QUALIFY FOR A NONREFUNDABLE CREDIT UNDER SECTION 12-7-210, AND TO PROVIDE FOR CREDITS FOR LIMITED LIABILITY COMPANIES AND REGISTERED LIMITED LIABILITY PARTNERSHIPS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-1220(J)(1) of the 1976 Code, as added by Act 164 of 1993, is amended to read:
"(1) If a corporation qualifies to use the fee in lieu of property taxes provided in Section 4-29-67 and fails to qualify for a credit under this section solely because it is an "S" corporation, then each of the shareholders of the "S" corporation qualifies for a nonrefundable credit against taxes imposed pursuant to Section 12-7-210."
SECTION 2. Section 12-7-1220 of the 1976 Code, as last amended by Part II, Section 136 of Act 497 of 1994, is further amended by adding at the end:
"(K) (1) If a limited liability company formed under Chapter 43 of Title 33 or a registered limited liability partnership formed under Sections 33-41-1110, 33-41-1120, and 33-41-1130 would be eligible to receive the credits allowed by this chapter but for the entity's lack of corporate status, each member of the limited liability company or partner of a registered limited liability partnership qualifies for a nonrefundable credit against taxes imposed pursuant to Section 12-7-210.
(2) The amount of the credit allowed a member of a limited liability company by this subsection is equal to the percentage of the member's limited liability company interest multiplied by the amount of the credit allowed had the limited liability company been a corporation.
(3) The amount of the credit allowed a partner of a registered limited liability partnership by this subsection is equal to the percentage of the member's partnership interest multiplied by the amount of the credit had the registered limited liability partnership been a corporation.
(4) A credit claimed under this subsection but not used in a taxable year may be carried forward for ten years from the close of the taxable year in which the credit is earned by the company or partnership. However, the credit established by this section taken in one taxable year may not exceed fifty percent of the taxpayer's liability under Section 12-7-210."
SECTION 3. This act takes effect upon approval by the Governor.