H*2156 Session 106 (1985-1986)
H*2156(Rat #0033, Act #0021 of 1985) General Bill, By J.G. McAbee,
D. Blackwell, S. Blatt, Carnell, J.G. Felder, J.L. Harris, R.L. Helmly and
R.R. Woods
A Bill to amend Section 12-7-616, Code of Laws of South Carolina, 1976,
relating to the jobs tax credit, so as to extend eligibility for the credit to
service-related industries and for tax year 1985 only increase the number of
counties eligible for classification for purposes of the credit.-amended title
01/16/85 House Introduced and read first time HJ-310
01/16/85 House Referred to Committee on Ways and Means HJ-310
02/06/85 House Committee report: Favorable Ways and Means HJ-560
02/07/85 House Read second time HJ-602
02/12/85 House Read third time and sent to Senate HJ-665
02/13/85 Senate Introduced and read first time SJ-408
02/13/85 Senate Referred to Committee on Finance SJ-408
02/28/85 Senate Committee report: Favorable with amendment
Finance SJ-712
03/05/85 Senate Amended SJ-745
03/05/85 Senate Read second time SJ-747
03/06/85 Senate Read third time SJ-763
03/06/85 Senate Returned SJ-763
03/06/85 House Debate adjourned on amendments HJ-1126
03/06/85 House Reconsidered HJ-1133
03/06/85 House Concurred in Senate amendment and enrolled HJ-1133
03/13/85 Ratified R 33
03/19/85 Signed By Governor
03/19/85 Effective date 03/19/85
03/19/85 Act No. 21
03/26/85 Copies available
(A21, R33, H2156)
AN ACT TO AMEND SECTION 12-7-616, CODE OF LAWS OF SOUTH CAROLINA, 1976,
RELATING TO THE JOBS TAX CREDIT, SO AS TO EXTEND ELIGIBILITY FOR THE CREDIT TO
SERVICE-RELATED INDUSTRIES AND FOR TAX YEAR 1985 ONLY INCREASE THE NUMBER OF
COUNTIES ELIGIBLE FOR CLASSIFICATION FOR PURPOSES OF THE CREDIT.
Be it enacted by the General Assembly of the State of South Carolina:
Certain counties designated as less developed areas
SECTION 1. Subsections A and B of Section 12-7-616 of the 1976 Code are
respectively amended to read:
"(A) Annually by December thirty-first, using the most current data
available from the South Carolina Employment Security Commission and the United
States Department of Commerce, the South Carolina Tax Commission shall make a
single determination as to which twelve counties in the State have a combination
of the highest unemployment rate and lowest per capita income for the most recent
thirty-six month period with equal weight being given to each category. For the
tax year 1985 only, the Tax Commission shall make a single determination as to
which sixteen counties in the State have a combination of the highest
unemployment rate and lowest per capita income for the most recent thirty-six
month period with equal weight being given to each category. The counties must
be designated less developed areas by the Tax Commission and are qualified for
tax credit for jobs as provided in subsection (B) of this section. The
designation by the Tax Commission is effective for the tax years of permanent
business enterprises which begin after the date of designation. For companies
which plan a significant expansion in their labor forces, the Tax Commission
shall prescribe certification procedures to insure that the companies can claim
credits in future years without regard to whether or not a particular county is
removed from the list of less developed areas.
(B) Permanent business enterprises engaged in manufacturing, processing,
warehousing, wholesaling, research and development, and service-related
industries in less developed areas are allowed a job tax credit for taxes imposed
by Section 12-7-230 equal to five hundred dollars annually for each new full-time
employee job for five years beginning with years two through six after the
creation of the job. The number of new full-time jobs must be determined by
comparing the monthly average number of full-time employees subject to South
Carolina income tax withholding for the taxable year with the corresponding
period of the prior taxable year. Only those permanent businesses that increase
employment by eighteen or more in a less developed area are eligible for the
credit. Credit is not allowed during any of the five years if the net employment
increase falls below eighteen. The Tax Commission shall adjust the credit
allowed each year for net new employment fluctuations above the minimum level of
eighteen."
Time effective
SECTION 2. This act shall take effect upon approval by the Governor. |