H 4847 General Bill, By J.R. Smith, Clark, Clyburn, Perry and D.C. Smith

Similar(S 1000)
 A BILL TO AMEND SECTION 12-14-60, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO THE INVESTMENT TAX CREDIT AGAINST STATE INCOME TAX ALLOWED FOR
 ECONOMIC IMPACT ZONE QUALIFIED MANUFACTURING AND PRODUCTIVE EQUIPMENT
 PROPERTY, SO AS TO EXTEND FOR CERTAIN TAXPAYERS THE TEN-YEAR CARRY-FORWARD
 PERIOD FOR UNUSED TAX CREDITS AND PROVIDE THE REQUIREMENTS NECESSARY FOR A
 TAXPAYER TO RECEIVE THE ADDITIONAL CARRY-FORWARD PERIOD.

   02/26/04  House  Introduced and read first time HJ-4
   02/26/04  House  Referred to Committee on Ways and Means HJ-5
   04/01/04  House  Committee report: Favorable Ways and Means HJ-6
   04/13/04  House  Read second time HJ-26
   04/14/04  House  Read third time and sent to Senate HJ-21
   04/14/04  Senate Introduced and read first time SJ-8
   04/14/04  Senate Referred to Committee on Finance SJ-8
   05/19/04  Senate Committee report: Favorable with amendment
                     Finance SJ-43
   05/20/04  Senate Amended SJ-39
   05/20/04  Senate Read second time SJ-39
   05/20/04  Senate Ordered to third reading with notice of
                     amendments SJ-39
   05/24/04         Scrivener's error corrected

Indicates Matter Stricken

Indicates New Matter

COMMITTEE AMENDMENT ADOPTED

May 20, 2004

H. 4847

Introduced by Reps. J.R. Smith, Clark, Clyburn, Perry and D.C. Smith

S. Printed 5/20/04--S.    [SEC 5/24/04 2:29 PM]

Read the first time April 14, 2004.

TO AMEND SECTION 12-14-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE INVESTMENT TAX CREDIT AGAINST STATE INCOME TAX ALLOWED FOR ECONOMIC IMPACT ZONE QUALIFIED MANUFACTURING AND PRODUCTIVE EQUIPMENT PROPERTY, SO AS TO EXTEND FOR CERTAIN TAXPAYERS THE TEN-YEAR CARRY-FORWARD PERIOD FOR UNUSED TAX CREDITS AND PROVIDE THE REQUIREMENTS NECESSARY FOR A TAXPAYER TO RECEIVE THE ADDITIONAL CARRY-FORWARD PERIOD.

Amend Title To Conform

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

SECTION    1.    Section 12-14-60(D) of the 1976 Code is amended to read:

"(D)(1)    Unused credit allowed pursuant to this section may be carried forward for ten years from the close of the tax year in which the credit was earned.

(2)    In the case of credit earned and unused within the initial ten-year period, a taxpayer may continue to carry forward unused credits for use within twenty subsequent tax years if the taxpayer:

(a)    is engaged in this State in an activity or activities listed under the North American Industry Classification System Manual (NAICS) Section 31, 32, or 33;

(b)(i)    is employing one thousand or more full-time workers in this State and having a total capital investment in this State of not less than five hundred million dollars; or

(ii)    is employing eight hundred fifty or more full-time workers in this State and having a total capital investment in this State of not less than seven hundred fifty million dollars; and

(c)    made a total capital investment of not less than fifty million dollars in the previous five years.

Credits carried forward beyond the initial ten-year period may not reduce a taxpayer's state income tax liability in any subsequent tax year by more than twenty-five percent."

SECTION    2.    This act takes effect upon approval by the Governor.