South Carolina General Assembly
120th Session, 2013-2014

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H. 3605

STATUS INFORMATION

General Bill
Sponsors: Reps. Hamilton, Patrick, Finlay, Neal, Erickson, Quinn, Govan, Owens, Mitchell, Huggins, Hardwick, Merrill, Anthony, McCoy, Stavrinakis, Hosey, W.J. McLeod, Clyburn, Bannister, Barfield, Bowen, Bowers, Branham, Clemmons, Cole, Henderson, Herbkersman, Hiott, Hodges, Jefferson, Loftis, Long, V.S. Moss, Munnerlyn, Nanney, Pope, Powers Norrell, Putnam, Simrill, G.R. Smith, J.R. Smith, Spires, Stringer and Willis
Document Path: l:\council\bills\bbm\10836htc13.docx

Introduced in the House on February 21, 2013
Currently residing in the House Committee on Ways and Means

Summary: Tax credits

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   2/21/2013  House   Introduced and read first time (House Journal-page 75)
   2/21/2013  House   Referred to Committee on Ways and Means 
                        (House Journal-page 75)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/21/2013

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-65-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TAX CREDITS ALLOWABLE FOR A PORTION OF THE EXPENSES INCURRED BY A TAXPAYER IN THE REHABILITATION, RENOVATION, OR REDEVELOPMENT OF A TEXTILE MILL SITE, SO AS TO MAKE THE INCOME TAX CREDITS ALLOWED TRANSFERABLE.

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

SECTION    1.    Section 12-65-30(C) of the 1976 Code, as last amended by Act 182 of 2010, is further amended by adding a new item at the end to read:

"(8)    In addition to the transfers allowed pursuant to item (6) of this subsection, a credit against a tax imposed pursuant to Chapter 6 of this title earned by a taxpayer pursuant to this chapter and not claimed or carried forward by the taxpayer may be transferred, devised, or distributed, with or without consideration, by an individual, partnership, limited liability company, trust, or estate. To be effective, the transfer, devise, or distribution requires written notice to and approval by the Department of Revenue and with that approval, the unused credit maintains all its original attributes in the hands of the recipient. With regard to the sale or exchange of a credit allowed pursuant to this item, general income tax principles apply for purposes of the state income tax. The provisions of items (3) and (5)(a) of this subsection apply to any transferee, devisee, or distributee."

SECTION    2.    This act takes effect upon approval by the Governor and applies for textile revitalization income tax credits earned after 2012.

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This web page was last updated on Thursday, February 28, 2013 at 3:47 P.M.