H 3768 Session 111 (1995-1996)
H 3768 General Bill, By R.C. Fulmer, Allison, Bailey, D.W. Beatty, Boan,
H. Brown, B.D. Cain, Carnell, Cato, C.D. Chamblee, Cooper, Cotty, Dantzler,
Davenport, Delleney, Easterday, L.L. Elliott, Fair, Gamble, H.M. Hallman,
Harrell, Harrison, Haskins, R.J. Herdklotz, J.H. Hodges, H.G. Hutson,
M.F. Jaskwhich, Jennings, Keegan, Kelley, Kennedy, W.D. Keyserling, Klauber,
Knotts, Koon, Law, Limehouse, Littlejohn, C.V. Marchbanks, L.M. Martin, Mason,
J.G. McAbee, McCraw, D.E. McTeer, Meacham, Phillips, Quinn, Richardson, Riser,
Robinson, Scott, Seithel, Sharpe, J.S. Shissias, Simrill, R. Smith,
E.C. Stoddard, P.H. Thomas, Tripp, Trotter, J.W. Tucker, Vaughn, C.C. Wells,
Whatley, Whipper, Wilder, Wilkes, Wilkins, Witherspoon, S.S. Wofford,
H.G. Worley, D.A. Wright, W.J. Young and Young-Brickell
A Bill to amend Section 12-7-1220, as amended, Code of Laws of South Carolina,
1976, relating to credits for new jobs, so as to delete the requirement that
an "S" corporation must qualify to use the fee in lieu of property taxes in
Section 4-29-67 in order to qualify for a nonrefundable credit under Section
12-7-210, and to provide for credits for limited liability companies and
registered limited liability partnerships.
03/08/95 House Introduced and read first time HJ-6
03/08/95 House Referred to Committee on Ways and Means HJ-7
A BILL
TO AMEND SECTION 12-7-1220, AS AMENDED, CODE OF
LAWS OF SOUTH CAROLINA, 1976, RELATING TO CREDITS
FOR NEW JOBS, SO AS TO DELETE THE REQUIREMENT
THAT AN "S" CORPORATION MUST QUALIFY TO
USE THE FEE IN LIEU OF PROPERTY TAXES IN SECTION
4-29-67 IN ORDER TO QUALIFY FOR A NONREFUNDABLE
CREDIT UNDER SECTION 12-7-210, AND TO PROVIDE FOR
CREDITS FOR LIMITED LIABILITY COMPANIES AND
REGISTERED LIMITED LIABILITY PARTNERSHIPS.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Section 12-7-1220(J)(1) of the 1976 Code, as
added by Act 164 of 1993, is amended to read:
"(1) If a corporation qualifies to use the fee in lieu of
property taxes provided in Section 4-29-67 and fails to qualify
for a credit under this section solely because it is an
"S" corporation, then each of the shareholders of the
"S" corporation qualifies for a nonrefundable credit
against taxes imposed pursuant to Section 12-7-210."
SECTION 2. Section 12-7-1220 of the 1976 Code, as last
amended by Part II, Section 136 of Act 497 of 1994, is further
amended by adding at the end:
"(K) (1) If a limited liability company formed under
Chapter 43 of Title 33 or a registered limited liability partnership
formed under Sections 33-41-1110, 33-41-1120, and 33-41-1130
would be eligible to receive the credits allowed by this chapter but
for the entity's lack of corporate status, each member of the limited
liability company or partner of a registered limited liability
partnership qualifies for a nonrefundable credit against taxes
imposed pursuant to Section 12-7-210.
(2) The amount of the credit allowed a member of a limited
liability company by this subsection is equal to the percentage of
the member's limited liability company interest multiplied by the
amount of the credit allowed had the limited liability company been
a corporation.
(3) The amount of the credit allowed a partner of a registered
limited liability partnership by this subsection is equal to the
percentage of the member's partnership interest multiplied by the
amount of the credit had the registered limited liability partnership
been a corporation.
(4) A credit claimed under this subsection but not used in a
taxable year may be carried forward for ten years from the close of
the taxable year in which the credit is earned by the company or
partnership. However, the credit established by this section taken in
one taxable year may not exceed fifty percent of the taxpayer's
liability under Section 12-7-210."
SECTION 3. This act takes effect upon approval by the
Governor.
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