Current Status Introducing Body:Senate Bill Number:115 Primary Sponsor:Giese Committee Number:30 Type of Legislation:GB Subject:Income tax credit for adult care programs Residing Body:House Current Committee:Ways and Means Companion Bill Number:3021 Computer Document Number:436/12771AC.93 Introduced Date:19930112 Date of Last Amendment:19940120 Last History Body:House Last History Date:19940126 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Giese Passailaigue Glover Rose Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 115 House 19940126 Introduced, read first time, 30 referred to Committee 115 Senate 19940125 Read third time, sent to House 115 Senate 19940120 Amended, read second time 115 Senate 19940119 Committee Report: Favorable 06 with amendment 115 Senate 19930112 Introduced, read first time, 06 referred to CommitteeView additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
COMMITTEE AMENDMENT ADOPTED
January 20, 1994
S. 115
Introduced by SENATORS Giese, Passailaigue, Glover and Rose
S. Printed 1/20/94--S.
Read the first time January 12, 1993.
TO AMEND SECTION 12-7-1260, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX CREDITS FOR EMPLOYERS FOR CHILD CARE PROGRAMS, SO AS TO INCLUDE ADULT CARE.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-1260 of the 1976 Code, as added by Section 43, Part II, Act 189 of 1989, is amended to read:
"Section 12-7-1260. (A) A taxpayer who employs persons in any capacity may claim as a credit against his state income tax, bank tax, or premium tax liability an amount equal to fifty percent of his capital expenditures, but no more than one hundred thousand dollars, for costs incurred in establishing a child or adult care program for his the taxpayer's employees. A credit claimed under this section, but not used or available for use in a taxable year, may be carried forward for the next ten taxable years from the close of the tax year in which the expenditures are made until the amount of the credit is taken.
(B) For purposes of this section, `expenditures for costs incurred in establishing a child or adult 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. The program and operation of the program must meet the licensing, registration, or certification standards prescribed by law.
(C) The taxpayer under subsection (A) also is allowed as a credit against his state income tax, bank tax, or premium tax liability an amount not exceeding fifty percent of the child or adult care payments incurred by the taxpayer to operate a child or adult care program for his the taxpayer's employees, or made directly to licensed or registered independent child or adult care facilities in the name of and for the benefit of an employee of the taxpayer, which employee's children or adult family members are kept at the facility during the employee's working hours. The payment may not exceed the amount charged to other for the care of children or adult family members of like age and abilities of individuals not employed by the taxpayer. The credits allowed by this subsection may not exceed a maximum of three thousand dollars for each employee if the employee receives payments for either child or adult family member care and six thousand dollars if the employee receives payments for both.
Where an employee chooses to utilize the provisions of this subsection which authorizes authorize direct payments to licensed child or adult care facilities not operated by the employer, expenses attendant to the organization and administration of such a direct payment program incurred in the first year also are also considered start-up expenses or expenditures for establishing a child or adult care program for purposes of the fifty percent tax credit for start-up expenses authorized by subsection (A).
(D) For purposes of the credits allowed by subsection (B)(C), the taxpayer is required to retain information concerning the child or adult care facility's federal identification number, license or registration number, payment amount, and in whose name and for whose benefit the payments were made. In addition, a taxpayer is allowed to include in the amount of the payment for calculation of the credit any administrative cost costs associated with payment to licensed or registered independent child or adult care facilities not to exceed two percent.
(E) The credits established by this section taken in any one tax year also are also limited to an amount not greater than fifty percent of a taxpayer's state income tax, bank tax, or premium tax liability for that year."
SECTION 2. The credits allowed by the amendment to Section 12-7-1260 of the 1976 Code in Section 1 of this act only apply to expenditures made after 1994.
SECTION 3. This act takes effect upon approval by the Governor.