South Carolina Legislature


Session 109 - (1991-1992)Printer Friendly
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S*1140 (Rat #0305, Act #0285 of 1992) General Bill, By J.M. Waddell, F. Gilbert, Leatherman and McGill
    A Bill to amend Section 12-7-1245, Code of Laws of South Carolina, 1976, relating to the corporate income tax credit for corporate headquarters located in this State, so as to revise the categories of jobs which must be created to qualify for the credit, to add additional requirements for personal property to qualify for the credit, to expand the personal property for which the credit may be claimed, to provide the taxable years to which the credit applies, to require recapture of the credit if staffing levels are not timely met, to prohibit the credit for a year when staffing levels are not met and delete that year from the carry forward period, to allow the credit when a fee in lieu of taxes arrangement exists, to require a reduction in the income tax basis only of property for which the credit was claimed, to revise and add additional definitions, and to allow taxpayers relying on rulings from the South Carolina Tax Commission in the application of the former provisions of the Code Section to continue to rely on the rulings and allow the taxpayer to benefit from the provisions of the Section.-amended title
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01/14/92Senate Introduced, read first time, placed on calendar without reference SJ-41
01/15/92Senate Read second time SJ-179
01/15/92Senate Ordered to third reading with notice of amendments SJ-179
02/18/92Senate Amended SJ-12
02/18/92Senate Read third time and sent to House SJ-13
02/19/92House Introduced, read first time, placed on calendar without reference HJ-14
02/27/92House Amended HJ-23
02/27/92House Read second time HJ-23
02/27/92House Unanimous consent for third reading on next legislative day HJ-23
02/28/92House Read third time and returned to Senate with amendments HJ-2
03/03/92Senate Concurred in House amendment and enrolled SJ-11
03/11/92 Ratified R 305
03/13/92 Signed By Governor
03/13/92 Act No. 285
03/13/92 See act for exception to or explanation of effective date
04/14/92 Copies available

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