Current Status Introducing Body:Senate Bill Number:1057 Primary Sponsor:Waldrep Committee Number:06 Type of Legislation:GB Subject:Income tax credit, child care program of nonprofit Residing Body:Senate Current Committee:Finance Computer Document Number:1057 Introduced Date:19940119 Last History Body:Senate Last History Date:19940119 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Waldrep Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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1057 Senate 19940119 Introduced, read first time, 06
referred to Committee
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TO AMEND SECTION 12-7-1260, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO QUALIFYING EXPENDITURES FOR THE CHILD CARE CREDIT, SO AS TO INCLUDE DONATIONS TO NONPROFIT CORPORATIONS FOR PURPOSES OF ESTABLISHING A CHILD CARE PROGRAM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-1260(B) of the 1976 Code is amended to read:
"(B) For purposes of this section, `expenditures for costs incurred in establishing a child care program' includes, but is not limited to, expenditures, including mortgage or lease payments, for playground and classroom equipment, kitchen appliances, cooking equipment, and real property, including improvements, and donations to a nonprofit corporation as defined in Internal Revenue Code Section 501(c)(3) for purposes of establishing a child care program. If credit is taken for donations by a corporation, a deduction to arrive at the net income of the corporation is not allowed. The program and operation of the program must meet the licensing, registration, or certification standards prescribed by law."
SECTION 2. This act takes effect upon approval by the Governor.