H 3162 General Bill, By Cobb-Hunter, J.M. Baxley, A.W. Byrd, Canty, 
J.P. Harrelson, Harvin, J. Hines, J.G. Mattos, McMahand, T.F. Rogers, Stille, 
C.Y. Waites and L.S. Whipper

Similar(S 225)
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 12-7-1227 so as to authorize a tax credit of twenty percent of costs for
 constructing low income housing that qualifies for Federal Housing and Urban
 Development subsidies.

   01/19/93  House  Introduced and read first time HJ-28
   01/19/93  House  Referred to Committee on Ways and Means HJ-28

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-1227 SO AS TO AUTHORIZE A TAX CREDIT OF TWENTY PERCENT OF COSTS FOR CONSTRUCTING LOW INCOME HOUSING THAT QUALIFIES FOR FEDERAL HOUSING AND URBAN DEVELOPMENT SUBSIDIES.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. The 1976 Code is amended by adding:

"Section 12-7-1227. A taxpayer may claim as a credit against the taxes imposed by this chapter an amount equal to twenty percent of all construction costs incurred, not to exceed fifty thousand dollars in a taxable year, for the construction of houses, apartments, and single room occupancy facilities which qualify for federal Housing and Urban Development low income subsidies. No more than one credit under this section may be claimed for any one project. This credit is nonrefundable but if the credit exceeds the taxpayer's tax liability for the taxable year, the amount which exceeds the tax liability may be carried forward for the five succeeding taxable years."

SECTION 2. The tax credit authorized by Section 12-7-1227, as added by Section 1 of this act, applies to tax years beginning after 1993.

SECTION 3. This act takes effect upon approval by the Governor.