View Amendment Current Amendment: 309R003.SP.SRM.docx to Bill 309     Senators MARTIN and DAVIS proposed the following amendment (309R003.SP.SRM):
    Amend the bill, as and if amended, page 1, by striking lines 22 through 42, and page 2, by striking lines 1 through 6 and inserting:

/     "Section 12-6-3585.     (A)(1)     For each tax year beginning after 2018, 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 two hundred fifty thousand dollars for a single taxpayer, not to exceed an aggregate credit of twelve million dollars for all taxpayers. 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.
        (2)     Notwithstanding the annual aggregate credit amount set forth in item (1), for each tax year beginning after 2024, the annual aggregate credit for all taxpayers is reduced from twelve million dollars to six million dollars.             /

Amend the bill further, page 2, by striking lines 34 through 43, and page 3, by striking lines 1 through 3 and inserting:

/         SECTION     2.     Section 12-6-3585 of the 1976 Code is amended by adding an appropriately lettered new subsection to read:

    "(     )(1)     By March fifteenth of each year, the South Carolina Research Authority shall issue a report to the Chairman of the Senate Finance Committee, the Chairman of the House Ways and Means Committee, and the Governor detailing the amount contributed to the Industry Partnership Fund in the previous tax year that entitled the taxpayer to the credit allowed by this section, the taxpayers who received the credit, and the manner in which such contributions were expended or are expected to be expended. The report also must be posted in a conspicuous place on the website maintained by the South Carolina Research Authority.
        (2)     By February fifteenth of each year, each taxpayer who earned a credit allowed by this section in the preceding fiscal year that the taxpayer will claim in the current year must file a report with the South Carolina Research Authority detailing the specific manner in which the credit allowed by this section creates increased economic activity that causes a financial benefit to inure to the taxpayers of the State of South Carolina. The report shall provide a detailed comparison and accounting of how the taxpayer's economic activity and performance would exist without the credit versus receiving the credit. The report should notate any assumptions that the taxpayer made in calculating this comparison and an explanation of why the assumption was necessary. Any taxpayer who fails to provide the report required by this item is disallowed the credit. The South Carolina Research Authority shall include a summary of each report required by this item in the report the authority issues pursuant to item (1)."         /

    Renumber sections to conform.
    Amend title to conform.