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H. 4085
STATUS INFORMATION
General Bill
Sponsors: Reps. Rice, Cooper and Owens
Document Path: l:\council\bills\bbm\9411htc09.docx
Companion/Similar bill(s): 928
Introduced in the House on May 19, 2009
Currently residing in the House Committee on Ways and Means
Summary: Textiles Communities Revitalization Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 5/19/2009 House Introduced and read first time HJ-59 5/19/2009 House Referred to Committee on Ways and Means HJ-59
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 12-65-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TAX CREDITS ALLOWED PURSUANT TO THE SOUTH CAROLINA TEXTILES COMMUNITIES REVITALIZATION ACT, SO AS TO ALLOW UNUSED CREDIT AGAINST STATE-IMPOSED TAXES TO BE TRANSFERRED, DEVISED, OR DISTRIBUTED, WITH OR WITHOUT CONSIDERATION AND REQUIRE WRITTEN NOTICE OF THE TRANSFER TO THE SOUTH CAROLINA DEPARTMENT OF REVENUE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-65-30 of the 1976 Code, as added by Act 313 of 2008, is amended by adding a new subsection at the end to read:
"(E) If the taxpayer elects to receive the credit pursuant to subsection (A)(2) of this section, then any unused credit may be transferred, devised, or distributed, with or without consideration, by an individual, partnership, limited liability company, corporation, trust, or estate. To be effective, the transfer, devise, or distribution requires written notification to and approval by the department with the unused credit maintaining all its original attributes in the hands of the recipient, including the provisions of subsection (C)(5) of this section."
SECTION 2. This act takes effect upon approval by the Governor and the transferability of tax credits allowed pursuant to Section 12-65-30(E) as added by this act applies for rehabilitation expenses incurred, without regard to when these expenses were incurred, for eligible sites placed in service after June 30, 2004, pursuant to the former provisions of Chapter 32, Title 6 of the 1976 Code and the current provisions of Chapter 65, Title 12 of the 1976 Code.
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