H 3198 General Bill, By Bowers

Similar(H 3205)
 A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
 12-6-1230 SO AS TO ALLOW AN INCOME TAX CREDIT TO CERTAIN NEW BUSINESSES IN
 THIS STATE FOR SOCIAL SECURITY TAXES PAID ON AN EMPLOYEE'S WAGES.

   01/06/99  House  Prefiled
   01/06/99  House  Referred to Committee on Ways and Means
   01/12/99  House  Introduced and read first time HJ-75
   01/12/99  House  Referred to Committee on Ways and Means HJ-75

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-1230 SO AS TO ALLOW AN INCOME TAX CREDIT TO CERTAIN NEW BUSINESSES IN THIS STATE FOR SOCIAL SECURITY TAXES PAID ON AN EMPLOYEE'S WAGES.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 12-6-1230. A business which initiates operation in this State after July 1, 1999, or had been in operation less than twelve months before that date, and has not or does not qualify for economic assistance, tax credits, or other incentives available pursuant to any other economic development act provided in this State may claim a credit against income taxes for the first five years of its operation in an amount equal to the Social Security taxes paid by the business on its employees' wages."

SECTION 2. Upon approval by the Governor, this act takes effect July 1, 1999.