Bill 387

                    Current Status

Bill Number:                       387
Type of Legislation:               General Bill GB
Introducing Body:                  Senate
Introduced Date:                   19970219
Primary Sponsor:                   Hayes 
All Sponsors:                      Hayes 
Drafted Document Number:           jic\5409htc.97
Companion Bill Number:             3505
Residing Body:                     Senate
Current Committee:                 Finance Committee 06 SF
Subject:                           Income tax credit, corporate;
                                   payroll expenditure of manufacturer
                                   for hiring student in School to Work
                                   program, Taxation

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

Senate  19970219  Introduced, read first time,             06 SF
                  referred to Committee

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3495 SO AS TO PROVIDE A CREDIT AGAINST THE CORPORATE INCOME TAX FOR A PORTION OF THE DIRECT PAYROLL EXPENDITURE OF A MANUFACTURER FOR HIRING A STUDENT IN A PUBLIC SECONDARY EDUCATION "SCHOOL TO WORK" PROGRAM.

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

SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:

"Section 12-6-3495. A corporate taxpayer operating a manufacturing facility in this State as defined in Section 12-6-3360(M)(5) is allowed a credit against the tax imposed pursuant to Section 12-6-530 in an amount equal to twenty percent of the taxpayer's direct payroll cost in a taxable year in employing a public secondary school student in connection with the 'school to work' cirriculum when this participation by the employer has been certified by the State Department of Education and the Department of Revenue as a qualifying 'school to work' program. No credit is allowed if any other credit allowed by this article is claimed in connection with these payroll costs. Unused credit may be carried forward for three succeeding taxable years. The taxpayer must maintain those records in connection with this credit as the Department of Revenue may require."

SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1996.