View Amendment Current Amendment: 44R001.SP.JTM.docx to Bill 44     Senator McELVEEN proposed the following amendment (44R001.SP.JTM):
    Amend the bill, as and if amended, by adding an appropriately numbered new SECTION to read:

/SECTION     .     A.         Section 12-6-3770(A) of the 1976 Code, as added by Act 134 of 2016, is amended to read:

    "Section 12-6-3770.     (A)     A taxpayer who constructs, purchases, or leases solar energy property located on the Environmental Protection Agency's National Priority List, National Priority List Equivalent Sites, or on a list of related removal actions, as certified by the Department of Health and Environmental Control, or on property owned by the Pinewood Site Custodial Trust located in the State of South Carolina, and places it in service in this State during the taxable year, is allowed an income tax credit equal to twenty-five percent of the cost, including the cost of installation of the property. The credit is earned in the year in which the solar energy property is placed in service, but must be taken in five equal annual installments, beginning in the year in which the solar energy property is placed in service. Unused credit may be carried forward for five taxable years from the year in which the credit was able to be taken. A lessor shall give a taxpayer who leases solar energy property from him a statement that describes the solar energy property and states the cost of the property upon request. A credit is not allowed pursuant to this section to the extent the cost of the solar energy property is provided by public funds. For purposes of this section, 'public funds' does not include federal grants or tax credits."

B.     This SECTION takes effect in income tax years beginning after 2016 and shall apply and terminate in the same manner as provided in Section 1.B. of Act 134 of 2016.         /

    Renumber sections to conform.
    Amend title to conform.