Current Status Bill Number:3878 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970409 Primary Sponsor:Bowers All Sponsors:Bowers Drafted Document Number:dka\4308mm.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax credit, new businesses in state for social security taxes on employee wages; Businesses, Corporations
Body Date Action Description Com Leg Involved
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House 19970409 Introduced, read first time, 30 HWM
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-1230 SO AS TO ALLOW AN INCOME TAX CREDIT TO CERTAIN NEW BUSINESSES IN THIS STATE FOR SOCIAL SECURITY TAXES PAID ON AN EMPLOYEE'S WAGES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 12-6-1230. A business which initiates operation in this State after July 1, 1997, or had been in operation less than twelve months before that date, and has not or does not qualify for economic assistance, tax credits, or other incentives available pursuant to any other economic development act provided in this State may claim a credit against income taxes for the first five years of its operation in an amount equal to the Social Security taxes paid by the business on its employees' wages."
SECTION 2. Upon approval by the Governor, this act takes effect July 1, 1997.