S 939 Session 123 (2019-2020) S 0939 General Bill, By Rice A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3810 SO AS TO PROVIDE FOR TAX CREDITS FOR CERTAIN TAXPAYERS THAT MAKE A QUALIFYING CAPITAL INVESTMENT IN THIS STATE, TO SET FORTH THE AMOUNT OF THE CREDITS AND THE MANNER IN WHICH THE CREDITS ARE CALCULATED, AND TO PROVIDE THE CREDIT ONLY MAY BE TAKEN IF CERTAIN OTHER CREDITS ARE NOT TAKEN.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3810 SO AS TO PROVIDE FOR TAX CREDITS FOR CERTAIN TAXPAYERS THAT MAKE A QUALIFYING CAPITAL INVESTMENT IN THIS STATE, TO SET FORTH THE AMOUNT OF THE CREDITS AND THE MANNER IN WHICH THE CREDITS ARE CALCULATED, AND TO PROVIDE THE CREDIT ONLY MAY BE TAKEN IF CERTAIN OTHER CREDITS ARE NOT TAKEN. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3810. (A)(1) A taxpayer that makes a qualifying capital investment in this State is allowed an income tax credit equal (2) If the income tax credit exceeds the taxpayer's liability for the taxable year, the excess may be carried forward for the next ten succeeding tax years.
(B) In addition to the income tax credit allowed pursuant to subsection (A), the taxpayer may claim a sales tax credit (C)(1) The credits allowed by this section may be claimed beginning in year two after the qualifying capital investment is made or year two after the facility is placed in service or is otherwise operational, whichever comes last. The credits only may be claimed for five years. (2) The credits allowed by this section only may be claimed if the taxpayer does not claim or receive any other income tax credit allowed by this chapter for the jobs associated with the qualifying capital investment. (D) As used in this section, 'qualifying capital investment' means an expenditure in an aggregate amount of two hundred fifty thousand dollars or more to acquire, lease, or improve real and business personal property that is used in operating a business location which holds a State of South Carolina retail sales tax license. However, it does not include relocating an existing business in this State to another location in this State without the required additional capital investment." SECTION 2. This act takes effect upon approval by the Governor.
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