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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3585 SO AS TO PROVIDE FOR A CREDIT AGAINST THE INCOME TAX LIABILITY OF A TAXPAYER FOR ONE HUNDRED PERCENT OF THE COSTS OF TRAINING AN EMPLOYEE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 25, Chapter 6 of the Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3585. There is allowed as a tax credit against the income tax liability of a taxpayer an amount equal to one hundred percent of the costs incurred by the taxpayer in training persons employed by or to be employed by the taxpayer. The tax credit allowed by this section must not be claimed before the trained person becomes employed by the taxpayer, and must be claimed in the year that the costs are incurred. If the amount of the credit exceeds the taxpayer's tax liability for that taxable year, the taxpayer may carry forward the excess for up to ten years."
SECTION 2. This act takes effect upon approval by the Governor and applies to employee training costs incurred in taxable years beginning or after January 1, 2006.
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