S 1285 Session 110 (1993-1994)
S 1285 Joint Resolution, By Reese
A Joint Resolution allowing the state income tax corporate headquarters
credits of a group of corporations primarily engaged in the engineering and
construction and related businesses which filed a consolidated South Carolina
corporate income tax return for its taxable year ending in 1991 to claim the
corporate headquarter tax credit against the corporate income tax or corporate
license tax liability of any member of the group.
03/22/94 Senate Introduced and read first time SJ-6
03/22/94 Senate Referred to Committee on Finance SJ-6
A JOINT RESOLUTION
ALLOWING THE STATE INCOME TAX CORPORATE
HEADQUARTERS CREDITS OF A GROUP OF CORPORATIONS
PRIMARILY ENGAGED IN THE ENGINEERING AND
CONSTRUCTION AND RELATED BUSINESSES WHICH FILED
A CONSOLIDATED SOUTH CAROLINA CORPORATE INCOME
TAX RETURN FOR ITS TAXABLE YEAR ENDING IN 1991 TO
CLAIM THE CORPORATE HEADQUARTER TAX CREDIT
AGAINST THE CORPORATE INCOME TAX OR CORPORATE
LICENSE TAX LIABILITY OF ANY MEMBER OF THE GROUP.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. In the case of a group of corporations primarily
engaged in the engineering and construction and related businesses that
filed a consolidated South Carolina corporate income return for it
taxable year ending in 1991, credits earned by any group member
pursuant to Section 12-7-1245 of the 1976 Code for the tax year
ending in 1991, including the carryover to that year of unused credits
from prior years, may be utilized against the tax liability under
Sections 12-7-230 and 12-19-70 of the 1976 Code of any member of
the group of corporations for the taxable year ending in 1991 or for
any subsequent taxable year during the carryforward period pursuant
to Section 12-7-1245. For this purpose, the "group of
corporations" includes any group member that may be added in
subsequently filed consolidated corporate returns during the
carryforward period.
SECTION 2. This joint resolution takes effect upon approval by
the Governor.
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