South Carolina General Assembly
125th Session, 2023-2024
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Indicates Matter Stricken
Indicates New Matter
H. 4118
STATUS INFORMATION
General Bill
Sponsors: Reps. Weeks, Gagnon, Alexander, Dillard, W. Jones, Gatch, Henegan and Williams
Companion/Similar bill(s): 521
Document Path: LC-0262SA23.docx
Introduced in the House on March 9, 2023
Introduced in the Senate on April 6, 2023
Last Amended on April 5, 2023
Finance
HISTORY OF LEGISLATIVE ACTIONS
| Date | Body | Action Description with journal page number |
|---|---|---|
| 3/9/2023 | House | Introduced and read first time (House Journal-page 15) |
| 3/9/2023 | House | Referred to Committee on Ways and Means (House Journal-page 15) |
| 3/29/2023 | House | Member(s) request name added as sponsor: Gagnon |
| 3/30/2023 | House | Member(s) request name added as sponsor: Alexander, Dillard, W. Jones, Gatch |
| 3/30/2023 | House | Committee report: Favorable with amendment Ways and Means (House Journal-page 13) |
| 4/4/2023 | House | Member(s) request name added as sponsor: Henegan, Williams |
| 4/5/2023 | House | Amended (House Journal-page 154) |
| 4/5/2023 | House | Read second time (House Journal-page 154) |
| 4/5/2023 | House | Roll call Yeas-98 Nays-12 (House Journal-page 154) |
| 4/6/2023 | House | Read third time and sent to Senate (House Journal-page 29) |
| 4/6/2023 | Senate | Introduced and read first time (Senate Journal-page 45) |
| 4/6/2023 | Senate | Referred to Committee on Finance (Senate Journal-page 45) |
View the latest legislative information at the website
VERSIONS OF THIS BILL
03/09/2023
03/30/2023
04/05/2023
Indicates Matter Stricken
Indicates New Matter
Amended
April 5, 2023
H. 4118
Introduced by Reps. Weeks, Gagnon, Alexander, Dillard, W. Jones, Gatch, Henegan and Williams
S. Printed 04/05/23--H.
Read the first time March 09, 2023
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statement of estimated fiscal impact
Explanation of Fiscal Impact
State Expenditure
This bill as amended revises the sunset date for the Community Development Tax Credit in Section 12-6-3530 from June 30, 2023, to June 30, 2029. Total tax credits are limited to an aggregate of $9,000,000 for all tax years currently. The bill as amended does not change the aggregate limit. The Department of Commerce authorizes the amount of tax credits each year on a first-come, first-served basis. This bill is not expected to have an expenditure impact for the Department of Revenue or the Department of Commerce to administer the extension. The tax credit is already in place, and the agencies can administer the change with existing staff and resources.
State Revenue
This bill as amended revises the sunset date for the Community Development Tax Credit in Section 12-6-3530 from June 30, 2023, to June 30, 2029. Total tax credits are limited to an aggregate of $9,000,000 for all tax years currently. The bill as amended does not change the aggregate limit.
The tax credit was amended in Act 83 of 2021 to increase the aggregate limit. Under the Act, $1,000,000 may be used for all taxpayers in tax year 2021, and $2,000,000 is to be used for all taxpayers in tax years after 2021. According to the Department of Commerce, $1,000,000 was reserved in 2021, and $1,988,853 was reserved in 2022, leaving $11,147 available for 2023.
The increase in the aggregate limit from 2021 is accounted for in the current General Fund forecast. As this bill does not impact the aggregate limit, it is not expected to impact General Fund revenues.
Frank A. Rainwater, Executive Director
Revenue and Fiscal Affairs Office
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A bill
TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-3530, RELATING TO COMMUNITY DEVELOPMENT TAX CREDITS, SO AS TO EXTEND THE CREDIT AND TO PROVIDE FOR AN INCREASE IN THE CREDIT AMOUNT; AND TO EXTEND THE PROVISIONS OF ACT 314 OF 2000.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 4 of Act 314 of 2000 is amended to read:
SECTION 4. Unless reauthorized by the General Assembly, the
provisions of this act shall terminate on June 30, 2023 2029, and
this act and all other laws and regulations governing, authorizing, and
otherwise dealing with community development corporations and community
development financial institutions are deemed repealed on that date.
SECTION 2. This act takes effect upon approval by the Governor.
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This web page was last updated on April 5, 2023 at 10:01 PM