Senator Chaplin proposes the following amendment (SR-3924.CEM0026S):

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

SECTION X. Chapter 6, Title 12 of the S.C. Code is amended by adding:

 Section 12-6-3379. (A) A manufacturer, as defined in Section 61-14-10, is eligible to claim an income tax credit or a credit against employee withholding if they are purchasing South Carolina grown hemp, as defined in Section 46-55-10(12), from a bona fide licensee under Section 46-55-20 to manufacture their product. The credit amounts allowed are as follows:
  (1) for a manufacturer who uses fifty percent of the necessary hemp to manufacture their product from a licensee under Section 46-55-20, the income tax credit or credit against employee withholding shall be fifty thousand dollars;
  (2) for a manufacturer who uses at least seventy-five percent of the necessary hemp to manufacture their product from a licensee under Section 46-55-20, the income tax credit or credit against employee withholding shall be one hundred thousand dollars.
 (B)(1) If the income tax 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.
  (2) If the credit against withholding taxes exceeds the taxpayer's withholding tax liability for the taxable quarter that is not otherwise refunded pursuant to this title, the excess amount may be carried forward and claimed against withholding liability that is not otherwise refunded under this title in the next twenty succeeding taxable quarters.

Renumber sections to conform.

Amend title to conform.