Reference is to the bill as introduced.
Amend the bill, as and if amended, by striking SECTION 2 and inserting:
/ 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 this State is eligible to claim a port
transportation credit or a port volume cargo credit in the form
of an income tax credit or a credit against employee withholding
in an amount determined by the council in its sole discretion,
except that the port transportation credit must be based on the
taxpayer's transportation costs. A taxpayer may not claim both
the port transporation credit and the port volume cargo credit
in the same tax year.
(2)
For purposes of this subsection, 'transportation costs'
means the costs of transporting freight, goods, and materials to
and from port facilities in South Carolina.
(3)
The maximum amount of port transportation credits allowed
to all qualifying taxpayers pursuant to this subsection is
limited to the following amounts of the fifteen million dollars
of credits available under this section:
(a)
one million dollars for the calendar year ending December
31, 2019;
(b)
two million dollars for the calendar year ending December
31, 2020; and
(c)
three million dollars for all calendar years after
December 31, 2020, until the port transportation credit expires
pursuant to item (6).
(4)(a)
If the allocable port transportation credit exceeds the
taxpayer's income tax liability for the taxable year, the excess
amount may be carried forward and claimed against income taxes
in the next five succeeding taxable years.
(b)
If the allocable port transportation 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.
(5)(a)
The port transportation credit is allowable to a
qualifying taxpayer without regard to whether the taxpayer
qualifies for any of the other credits available under this
section. A qualifying taxpayer seeking to claim the port
transportation credit must submit an application to the council
after the calendar year in which the taxpayer seeks to claim the
port transportation credit. The application must be made on a
form to be prescribed by the council.
(b)
To receive the credit the taxpayer shall claim the credit
on its income tax or withholding return in a manner prescribed
by the department. The department may require a copy of the
certification form issued by the council be attached to the
return or otherwise provided.
(6)
A taxpayer may not claim the port transportation credit in
any tax year after the tax year in which a port in Jasper County
is opened and is accepting shipments."
/
Renumber sections to conform.
Amend title to conform.