Reference is to the bill as introduced.
Amend the bill, as and if amended, beginning on page 1, by striking line 28 through line 11 on page 2, and inserting:
/ SECTION 1. Section 12-6-3375(A) and (D) of the 1976 Code is amended to read:
"(A)(1) A taxpayer
engaged in any of the following: manufacturing, warehousing,
freight forwarding, freight handling, goods processing, cross
docking, transloading, wholesaling of goods, or distribution,
exported or imported through port facilities in South Carolina
and which increases its port cargo volume at these facilities by
a minimum of five percent in a single calendar year over its
base year port cargo volume is eligible to claim an income tax
credit or a credit against employee withholding in the amount
determined by the Coordinating Council for Economic Development
(council).
(2)
The maximum amount of tax credits
allowed to all qualifying taxpayers pursuant to this section may
not exceed eight fifteen million dollars
for each calendar year. The credits may be claimed against the
taxes imposed pursuant to Sections 12-6-530 and 12-6-545 and
against employee withholdings. The council has sole discretion
in allocating the credits provided by this section and must
consider the following factors:
(a)
the amount of base year port cargo volume;
(b)
the total and percentage increase in port cargo volume;
and
(c)
factors related to the economic benefit of the State or
other factors.
(D) The council
annually may award up to one million dollars of the
eight fifteen million dollars of credits
against employee withholdings that are not otherwise refundable
pursuant to this title to a new warehouse or distribution
facility which commits to expending at least forty million
dollars at a single site and creating one hundred new full-time
jobs, and the base year cargo shall may
not be less than five thousand TEUs or its non-containerized
equivalent. The council may make the award in the year the
facility is announced provided that it may not tender the
certificate until it has received satisfactory proof that the
capital investment and job creation requirements have, or will
be, satisfied. Any credit certificate expires three years after
issuance if satisfactory proof has not been received. If the
credit exceeds the taxpayer's withholding tax liability for the
taxable quarter that is not otherwise refundable pursuant to
this title, the excess amount may be carried forward and claimed
against withholding liability that is not otherwise refundable
pursuant to this title in the next twenty succeeding taxable
quarters."
SECTION 2. Section 12-6-3375 of the 1976 Code is amended by adding an appropriately lettered subsection at the end to read:
"( )(1) A taxpayer engaged in any of the businesses identified in subsection (A)(1) at a facility located in the counties of Allendale, Bamberg, Barnwell, Beaufort, Colleton, Hampton, Jasper, or Orangeburg is eligible to claim a port transportation credit in the form of an income tax credit or a credit against employee withholding for its transportation costs in an amount determined by the council in its sole discretion. /
Renumber sections to conform.
Amend title to conform.