Reference is to the bill as introduced.
Amend the bill, as and if amended, SECTION 1, by striking Section 12-6-3585(A) and inserting:
/ "(A) For each
tax year beginning after 2018, 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 nine 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.
/
Amend the bill further, by striking SECTION 1.B. and inserting:
/ B. Notwithstanding the increase in the annual maximum credit amount for all taxpayers from six million dollars to nine million dollars in Section 12-6-3585, as amended by this SECTION, the increased maximum credit amount shall be phased in in three equal and cumulative installment amounts beginning in tax years beginning after 2018. /
Renumber sections to conform.
Amend title to conform.