Current Status Bill Number:3918 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950404 Primary Sponsor:Keyserling All Sponsors:Keyserling, L. Whipper and Whatley Drafted Document Number:JIC\5652HTC.95 Companion Bill Number:720 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Alternative fuels, tax credits
Body Date Action Description Com Leg Involved
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House 19950404 Introduced, read first time, 30 HWM
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-1217 SO AS TO PROVIDE STATE INDIVIDUAL INCOME TAX CREDITS FOR QUALIFIED RESIDENTIAL RENEWABLE ENERGY SOURCE EXPENDITURES, QUALIFIED RESIDENTIAL ENERGY EFFICIENCY EXPENDITURES, AND FOR THE PURCHASE OF MOTOR VEHICLES USING ALTERNATIVE FUELS; AND TO AMEND SECTION 12-36-2120, AS AMENDED, RELATING TO SALES TAX EXEMPTIONS, SO AS TO REMOVE THE TOTAL EXEMPTION FOR RESIDENTIAL USE ELECTRICITY AND NATURAL GAS AND PROVIDE FOR LIMITED TAXATION ON THESE ITEMS AND TO PROVIDE FOR THE CREDITING OF THE REVENUE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 10, Chapter 7, Title 12 of the 1976 Code is amended by adding:
"Section 12-7-1217. (A) A taxpayer is allowed a state individual income tax credit equal to twenty-five percent of the purchase price up to a maximum credit of one thousand dollars a residential unit of all qualified residential renewable energy source expenditures as defined in this section.
`Qualified residential renewable energy source expenditure' means an expenditure made on or after July 1, 1995, by the taxpayer for renewable energy source property installed in connection with a residential building:
(1) which is located in the State;
(2) which is used by the taxpayer, or his tenants in a landlord/tenant relationship, for residential purposes, or which is constructed by the taxpayer to be used for residential purposes by the buyer.
`Qualified residential renewable energy source expenditure' includes expenditures for solar energy equipment for water heating, space heating or cooling, or electricity, wood stove, or closed-loop groundwater heat pumps which meet performance criteria established by the Department of Revenue and Taxation in consultation with the State Energy Office.
Renewable energy source expenditures in a newly constructed home are not eligible if the home is not built in accordance with the most recent Model Energy Code approved by the Council of American Building Officials.
(B) A taxpayer is allowed a state individual income tax credit equal to twenty-five percent of the purchase price up to a maximum credit of one thousand dollars a residential unit of all qualified residential energy efficiency expenditures as defined in this section.
`Qualified residential energy efficiency expenditure' means an expenditure made on or after July 1, 1995, by the taxpayer for renewable energy source property installed in connection with a residential building:
(1) which is located in the State;
(2) which is used by the taxpayer, or his tenants in a landlord/tenant relationship, for residential purposes, or which is constructed by the taxpayer to be used for residential purposes by the buyer.
`Qualified residential energy efficiency expenditure' includes expenditures for insulation; an energy-saving automatic setback thermostat; caulking or weatherstripping of exterior doors and windows; or an energy control or monitoring device.
Energy efficiency expenditures in a newly constructed home are not eligible if the home is not built in accordance with the most recent Model Energy Code approved by the Council of American Building Officials.
(C) A taxpayer is allowed a state individual income tax credit equal to fifteen percent of the purchase price of a vehicle which can be propelled primarily by an alternative fuel, or twenty-five percent of the installation and equipment costs of converting a vehicle so that it can be propelled primarily by an alternative fuel.
As used in this subsection `alternative fuel' means natural gas, liquefied petroleum gas, any fuel containing at least seventy percent ethanol, any fuel containing at least seventy percent methanol, and electricity."
SECTION 2. Section 12-36-2120(33) of the 1976 Code, as added by Act 612 of 1990, is amended to read:
"(33) electricity, natural gas, fuel oil, kerosene, LP gas, coal, or any other combustible heating material or substance used for residential purposes. Individual sales of kerosene of twenty gallons or less by retailers are considered used for residential heating purposes. In the case of electricity consumed in excess of one thousand five hundred kilowatt hours and natural gas consumed in excess of one hundred therms in any one monthly billing cycle, the exemption allowed by this item extends only to sixty percent of the gross proceeds of sales or sales price of the electricity and natural gas. Revenue from the taxable portion of electricity and natural gas sales must be credited to the general fund of the State. The taxable portions of these sales are not subject to the tax imposed pursuant to Chapter 10 of Title 4;"
SECTION 3. This act takes effect July 1, 1995, and in the case of sales of electricity and natural gas, applies beginning with the first monthly billing cycle beginning after June 30, 1995.