Senator Bennett proposes the following amendment (SR-4216.KM0002S):

Amend the bill, as and if amended, by adding an appropriately numbered SECTION to read:

SECTION X. Section 12-6-3632 of the S.C. Code is amended to read:

 Section 12-6-3632. (A) There is allowed as a nonrefundable credit against the tax imposed pursuant to Section 12-6-510 on a full-year resident individual taxpayer an amount equal to one hundred twenty-five percent of the federal earned income tax credit (EITC) allowed the taxpayer pursuant to Internal Revenue Code Section 32.For tax years beginning after 2025, an individual taxpayer who is a full-year resident of this State and who is eligible for the federal earned income tax credit is allowed a credit against the tax imposed pursuant to Section 12-6-510 as provided in this section.
 (B) An eligible taxpayer may claim either:
  (1) a nonrefundable credit equal to one hundred twenty-five percent of the federal earned income tax credit allowed the taxpayer; or
  (2) a refundable credit equal to ten percent of the federal earned income tax credit allowed the taxpayer.
 (C) The taxpayer shall elect the credit that offers the greatest value for his household for the applicable year.
 (D) To ensure that the provisions contained in this section do not discourage family formation, the plateau of the credit schedule for taxpayers as "married filing jointly" shall be extended beyond the threshold for single filers to mitigate any potential marriage penalty.
 (E) In order to be eligible to claim the tax credit provided in this section, the taxpayer:
  (1) must be a resident of this State for the entire taxable year;
  (2) may not file as "married filing seperately;"
  (3) must be a citizen of the United States, and have a valid Social Security number;
  (4) must be between twenty-four and sixty-four years of age; and
  (5) must not have investment income exceeding ten thousand dollars.

Renumber sections to conform.

Amend title to conform.