Loading...

Session 116 - (2005-2006)Printer Friendly
(pdf format)
H*4446 (Rat #0339, Act #0297 of 2006) General Bill, By Kennedy, Jennings, Lucas, Hayes, Rhoad, Hodges, Miller and Bales
Summary: Ten year moratorium on state corporate income taxes
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3367 SO AS TO ALLOW A TEN-YEAR MORATORIUM ON STATE CORPORATE INCOME TAXES OR INSURANCE PREMIUM TAXES TO A TAXPAYER THAT MAKES AT LEAST NINETY PERCENT OF THE TAXPAYER'S TOTAL INVESTMENT IN THIS STATE AND CREATES JOBS IN THE MORATORIUM COUNTY OR TO ALLOW THE MORATORIUM WHEN THAT TAXPAYER CREATES AT LEAST ONE HUNDRED NEW JOBS AND INVESTS AT LEAST ONE HUNDRED FIFTY MILLION DOLLARS IN A MANUFACTURING FACILITY IN A SECOND COUNTY DESIGNATED AS DISTRESSED, LEAST DEVELOPED, OR UNDERDEVELOPED WITH THE NINETY PERCENT OVERALL LIMITATION APPLYING TO INVESTMENT IN ONE OR BOTH OF THESE COUNTIES, TO PROVIDE FOR A FIFTEEN-YEAR MORATORIUM, TO PROVIDE THAT A CHANGE IN BUSINESS FORM DURING THE MORATORIUM PERIOD DOES NOT AFFECT THE MORATORIUM, AND TO DEFINE "TAXPAYER" TO INCLUDE A GROUP OF AFFILIATED TAXPAYERS. - ratified title
View full text
Summary: Ten year moratorium on state corporate income taxes
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3367 SO AS TO ALLOW A TEN-YEAR MORATORIUM ON STATE CORPORATE INCOME TAXES OR INSURANCE PREMIUM TAXES TO A TAXPAYER THAT MAKES AT LEAST NINETY PERCENT OF THE TAXPAYER'S TOTAL INVESTMENT IN THIS STATE AND CREATES JOBS IN THE MORATORIUM COUNTY OR TO ALLOW THE MORATORIUM WHEN THAT TAXPAYER CREATES AT LEAST ONE HUNDRED NEW JOBS AND INVESTS AT LEAST ONE HUNDRED FIFTY MILLION DOLLARS IN A MANUFACTURING FACILITY IN A SECOND COUNTY DESIGNATED AS DISTRESSED, LEAST DEVELOPED, OR UNDERDEVELOPED WITH THE NINETY PERCENT OVERALL LIMITATION APPLYING TO INVESTMENT IN ONE OR BOTH OF THESE COUNTIES, TO PROVIDE FOR A FIFTEEN-YEAR MORATORIUM, TO PROVIDE THAT A CHANGE IN BUSINESS FORM DURING THE MORATORIUM PERIOD DOES NOT AFFECT THE MORATORIUM, AND TO DEFINE "TAXPAYER" TO INCLUDE A GROUP OF AFFILIATED TAXPAYERS. - ratified title
View full text
01/17/06 | House | Introduced and read first time HJ-39 |
01/17/06 | House | Referred to Committee on Ways and Means HJ-39 |
01/19/06 | House | Recalled from Committee on Ways and Means HJ-20 |
01/24/06 | House | Member(s) request name added as sponsor: Rhoad, Hodges, Miller |
01/25/06 | House | Debate adjourned until Tuesday, January 31, 2006 HJ-48 |
01/31/06 | House | Member(s) request name added as sponsor: Bales |
01/31/06 | House | Read second time HJ-17 |
02/01/06 | House | Read third time and sent to Senate HJ-26 |
02/01/06 | Senate | Introduced and read first time SJ-35 |
02/01/06 | Senate | Referred to Committee on Finance SJ-35 |
05/17/06 | Senate | Committee report: Favorable Finance SJ-12 |
05/18/06 | Senate | Read second time SJ-52 |
05/23/06 | Senate | Read third time and enrolled SJ-6 |
05/25/06 | Ratified R 339 | |
05/31/06 | Signed By Governor | |
06/02/06 | Copies available | |
06/02/06 | Effective date 05/31/06 | |
06/08/06 | Act No. 297 |