Reference is to Printer's Date 3/27/19--H.
Amend the bill, as and if amended, SECTION 2, by striking Section 12-6-3795(A) and inserting:
/ (A) As used in this
section:
(1)
'Eligibility statement' means a statement authorized and
issued by the South Carolina Housing and Finance Development
Authority certifying that a given project qualifies for the
South Carolina housing tax credit. The authority shall
promulgate rules establishing criteria upon which the
eligibility statements are issued which must include
consideration of evidence of local support for the project. The
eligibility statement must specify the amount of the South
Carolina housing tax credit allowed.
(2)
'Federal housing tax credit' means the federal tax credit
as provided in Section 42 of the Internal Revenue Code of 1986,
as amended.
(3)
'Median income' means those incomes that are determined by
the federal Department of Housing and Urban Development
guidelines and adjusted for family size.
(4)
'Project' means a housing project that has restricted
rents that do not exceed thirty percent of median income for at
least forty percent of its units occupied by persons or families
having incomes of sixty percent or less of the median income, or
at least twenty percent of the units occupied by persons or
families having incomes of fifty percent or less of the median
income.
(5)
'Qualified project' means a qualified low-income building
as that term is defined in Section 42 of the Internal Revenue
Code of 1986, as amended, that is located in South Carolina and
receives approval for tax credits from the South Carolina
Housing and Finance Development Authority provided pursuant to
this section.
(6)
'Taxpayer' means a sole proprietor, partnership,
corporation of any classification, limited liability company, or
association taxable as a business entity that is subject to
South Carolina taxes pursuant to Section 12-6-510, Section
12-6-530, Chapter 11, Title 12, or Chapter 7, Title 38.
/
Amend the bill further, by striking SECTION 4 and inserting:
/ SECTION 4. This act takes effect upon approval by the Governor and first applies to qualified projects that receive an eligibility statement pursuant to Section 12-6-3795 thereafter. /
Renumber sections to conform.
Amend title to conform.