Bill 548

                    Current Status

Bill Number:                    548
Ratification Number:            71
Act Number:                     40
Type of Legislation:            General Bill GB
Introducing Body:               Senate
Introduced Date:                19950221
Primary Sponsor:                Waldrep
All Sponsors:                   Waldrep, Courtney, Wilson, Martin,
                                O'Dell, Moore, Courson, Hayes and
                                Stilwell 
Drafted Document Number:        res9563.rlw
Date Bill Passed both Bodies:   19950427
Governor's Action:              S
Date of Governor's Action:      19950517
Subject:                        Child care program, income tax
                                credits

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19950517  Act No. A40
------  19950517  Signed by Governor
------  19950511  Ratified R71
House   19950427  Read third time, enrolled for
                  ratification
House   19950426  Read second time
House   19950420  Committee report: Favorable              30 HWM
House   19950302  Introduced, read first time,             30 HWM
                  referred to Committee
Senate  19950301  Read third time, sent to House
Senate  19950228  Read second time
Senate  19950221  Introduced, read first time,
                  placed on Calendar without reference

(A40, R71, S548)

AN ACT TO AMEND SECTION 12-7-1260, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO QUALIFYING EXPENDITURES FOR THE CHILD CARE CREDIT, SO AS TO INCLUDE DONATIONS TO NONPROFIT CORPORATIONS FOR PURPOSES OF ESTABLISHING A CHILD CARE PROGRAM.

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

Expenditures for child care credit include donations for establishing day care program

SECTION 1. Section 12-7-1260(B) of the 1976 Code, as last amended by Act 516 of 1994, is further amended to read:

"(B) For purposes of this section, `expenditures for costs incurred in establishing a child care program' includes, but is not limited to, expenditures, including mortgage or lease payments, for playground and classroom equipment, kitchen appliances, cooking equipment, real property, including improvements in this State, and donations to a nonprofit corporation as defined in Internal Revenue Code Section 501(c)(3) for purposes of establishing a child care program. If credit is taken for donations by a corporation, a deduction to arrive at the net income of the corporation is not allowed. The program and operation of the program must meet the licensing, registration, or certification standards prescribed by law."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 17th day of May, 1995.