Amend the bill, as and if amended, by adding an appropriately numbered new SECTION to read:
/SECTION __. Section 12-6-3360 of the 1976 Code is amended by adding appropriately lettered new subsections to read:
"( ) A taxpayer in tax years beginning in 2019 and after may annually claim a nonrefundable tax credit or rebate against each of the taxes enumerated in this subsection in an amount equal to twenty percent of the additional tax revenue paid by the taxpayer in regard to those taxes as determined by the department if the taxpayer has made a qualifying capital investment in the business location where the additional tax revenue was generated, if the business location is engaged primarily in the sale of tangible personal property at retail, and if the taxpayer holds a state retail sales tax license for the business location. The taxes to which the tax credits or rebates provided by this subsection apply are:
(1) state sales and use taxes imposed by the provisions of Chapter 36, Title 12. The tax credits provided by this item also apply to local option sales and use taxes authorized by law that are collected by the department and remitted to the local jurisdictions authorized to receive the proceeds. The department in these cases shall deduct from the revenue distributed to the local jurisdiction the amount of the tax credit to which the taxpayer is entitled;
(2) ad valorem property taxes that do not include any payments required under a fee in lieu of a property tax agreement; and
(3) state income taxes imposed under Chapter 6, Title 12.
( ) For the purposes of determining the amount of sales or income taxes paid at a particular location where the qualifying capital investment pertains to the expansion of an existing business location, the ratio of the square footage of the expansion as compared to the overall square footage of the location, multiplied by the total sales or income taxes paid, is considered to be the amount of new sales or income tax revenue generated.
( ) The department may require information and submissions by the taxpayer as it considers appropriate in relation to a taxpayer's claim of entitlement to the credit. The department in implementing the tax credits or rebates authorized by this section may permit the taxpayer to claim the credit or rebate on the sales tax or income tax return or property tax payment filed by the taxpayer.
( ) The merger, consolidation, or reorganization of a corporation for which tax credits or rebates provided by this section survive does not create new eligibility in a succeeding corporation, but unused credits or rebates may be transferred and continued by the succeeding corporation. In addition, a corporation or partnership may assign its rights to its unused credit or rebate to another corporation or partnership if it transfers all, or substantially all, of the assets of the corporation or partnership or all, or substantially all, of the assets of the trade, business, operating division of the corporation, or partnership to another corporation or partnership.
( ) In regard to the rebate of ad valorem property taxes provided for by this section, a taxpayer must file a claim for a rebate with the appropriate local property tax officials after the property taxes for a particular year have been paid and once the amount of the rebate is determined. The property tax rebate under this section will be treated as though it is an exemption from the property tax.
( ) Notwithstanding the amount of the credits allowed by this section, any income tax credits, if combined with any other state income tax credits allowed to the taxpayer for a particular taxable year, cannot reduce the taxpayer's South Carolina income tax liability more than fifty percent for that year. In addition, the credits or rebates authorized by this section are in lieu of any other applicable income tax credits or rebates allowed by state law, and in the event of an overlap or conflict in available credits or rebates to a taxpayer, the taxpayer must select the credit or rebate that the taxpayer desires in the manner prescribed by the department to the extent that the credits or rebates conflict or overlap. Finally, the total amount of all tax credits or rebates allowed by this section for all years may not exceed in the aggregate the total capital investment made by the taxpayer that gave rise to the credits or rebates.
( ) Beginning with tax years that commence on or after January 1, 2019, a taxpayer may claim the tax credits or rebates authorized by this section for which qualifying capital investments were made on or after January 1, 2018.
( ) The tax credits or rebates authorized by this section expire at the end of the fifth calendar year following the year that the qualifying capital investments were made. Nothing in this section prevents new tax credits or rebates for subsequent qualifying capital investments.
( ) The credits received pursuant to this subsection cannot be used in conjunction with other credits in this section." /
Amend the bill further, as and if amended, page 7, line 8, by adding an appropriately numbered new item to read:
/ ( ) 'Qualifying capital investment' means an expenditure in an aggregate amount of two hundred fifty thousand dollars or more to acquire, lease, or improve real and business personal property that is used in operating a business location that holds a State of South Carolina retail sales tax license. Qualifying capital investment, however, does not include relocating an existing business in this State to another location in this State without the required additional capital investment." /
Renumber sections to conform.
Amend title to conform.