South Carolina General Assembly
122nd Session, 2017-2018

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Indicates Matter Stricken
Indicates New Matter

S. 446

STATUS INFORMATION

General Bill
Sponsors: Senators Leatherman, Setzler, Williams and Campbell
Document Path: l:\council\bills\bbm\9631dg17.docx

Introduced in the Senate on February 21, 2017
Currently residing in the Senate Committee on Finance

Summary: Industry partnership fund tax credit

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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   2/21/2017  Senate  Introduced and read first time (Senate Journal-page 9)
   2/21/2017  Senate  Referred to Committee on Finance (Senate Journal-page 9)

View the latest legislative information at the website

VERSIONS OF THIS BILL

2/21/2017

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

A BILL

TO AMEND SECTION 12-6-3585, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE INDUSTRY PARTNERSHIP FUND TAX CREDIT, SO AS TO INCREASE THE AGGREGATE ANNUAL CREDIT AMOUNT.

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

SECTION    1.    Section 12-6-3585(A) of the 1976 Code is amended to read:

"(A)    A taxpayer may claim as a credit against state income tax imposed by Chapter 6, Title 12, bank tax imposed by Chapter 11, Title 12, license fees imposed by Chapter 20 of Title 12, or insurance premiums imposed by Chapter 7, Title 38, or any combination of them, one hundred percent of an amount contributed to the Industry Partnership Fund at the South Carolina Research Authority (SCRA), or an SCRA-designated affiliate, or both, pursuant to Section 13-17-88(E), up to a maximum credit of six hundred fifty thousand dollars for a single taxpayer, not to exceed an aggregate credit of two million dollars for all taxpayers in tax year 2006; up to a maximum credit of one million three hundred thousand dollars for a single taxpayer, not to exceed an aggregate credit of four million dollars for all taxpayers in tax year 2007; and up to a maximum credit of two million dollars for a single taxpayer, not to exceed an aggregate credit of six million dollars for all taxpayers for each tax year beginning after December 31, 2007; and up to a maximum credit of two million dollars for a single taxpayer, not to exceed an aggregate credit of twelve million dollars for all taxpayers for each tax year beginning after December 31, 2016. For purposes of determining a taxpayer's entitlement to the credit for qualified contributions for a given tax year in which more than the applicable aggregate annual limit on the credit is contributed by taxpayers for that year, taxpayers who have made contributions that are intended to be qualified contributions earlier in the applicable tax year than other taxpayers must be given priority entitlement to the credit. The SCRA shall certify to taxpayers who express a bona fide intention of making one or more qualified contributions as to whether the taxpayer is entitled to that priority."

SECTION    2.    This act takes effect upon approval by the Governor and applies to tax years beginning after 2016.

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This web page was last updated on February 27, 2017 at 3:51 PM