Current Status Bill Number:155 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970114 Primary Sponsor:Rose All Sponsors:Rose Drafted Document Number:s-res\rose\res1131.mtr Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Affordable Housing Tax Credit Act, income tax credits, Taxation, Property
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19970114 Introduced, read first time, 06 SF
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND ARTICLE 25, CHAPTER 6, TITLE 12 , CODE OF LAWS OF SOUTH CAROLINA, 1976, AS AMENDED, RELATING TO INCOME TAX CREDITS, BY ADDING SECTION 12-6-3395, SO AS TO ENACT THE AFFORDABLE HOUSING TAX CREDIT ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. This act may be cited as the "Affordable Housing Tax Credit Act".
SECTION 2. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3395. (A) As used in this section:
(1) `Business firm' means a business entity authorized to do business in this State and subject to taxes imposed under this chapter.
(2) `Credit' means the low-income housing credit as established in this section.
(3) `Federal low-income housing tax credit' means the federal low-income housing tax credit as provided for in Section 42 of the Internal Revenue Code of 1986.
(B) A business firm that is engaged in a for-profit business enterprise within this State and that qualifies for a federal low-income housing tax credit qualifies for the low-income housing tax credit. A business firm which qualifies for the credit as provided in this section may apply the credit against tax due under this chapter.
(C) The amount of the tax credit available to a business firm which qualifies under this section is equal to fifty percent of the federal low-income housing tax credit that the business firm is entitled to in the current tax year."
SECTION 3. Upon approval by the Governor, this act is effective for taxable years beginning after 1996.