Current Status Bill Number:4271 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950530 Primary Sponsor:Keyserling All Sponsors:Keyserling and Robinson Drafted Document Number:JIC\6056HTC.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Corporate income tax credit
Body Date Action Description Com Leg Involved
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House 19950530 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-1216 SO AS TO ALLOW A CORPORATE INCOME TAX CREDIT FOR THE INSTALLATION OF EQUIPMENT FOR REFUELING OR RECHARGING MOTOR VEHICLES PROPELLED BY ALTERNATIVE FUELS OR ELECTRICITY AND TO ALLOW A CREDIT FOR A PORTION OF THE PURCHASE PRICE OF SUCH VEHICLES; AND TO AMEND THE 1976 CODE BY ADDING SECTION 12-7-1217 SO AS TO ALLOW A STATE INDIVIDUAL INCOME TAX CREDIT FOR A PORTION OF THE PURCHASE PRICE OF A MOTOR VEHICLE PROPELLED BY ALTERNATIVE FUELS OR ELECTRICITY OR FOR A PORTION OF THE EXPENSES OF CONVERTING VEHICLES TO THESE SYSTEMS.
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 12-7-1216. (A) A corporation that constructs in this State a facility for refueling or recharging vehicles propelled by natural gas, liquefied petroleum gas, or electricity is allowed a credit against its corporate income tax liability an amount equal to twenty-five percent of the installation and equipment costs of construction. Any corporation that installs equipment for refueling or recharging vehicles propelled by natural gas, liquefied petroleum gas, or electricity, at its refueling or recharging facility located in this State, is allowed a credit against its corporate income tax liability an amount equal to twenty-five percent of the installation and equipment costs. The credits allowed under this section may not exceed twenty-five thousand dollars for each fueling location. No credits are allowed to the extent that costs of the construction or equipment were provided by federal, state, or local government grants. To be eligible for the credits allowed by this section, the corporation must own or control the facility at the time of construction. The credits allowed by this section must not exceed the amount of the income tax liability of the corporation in the tax year for which the tax credit is provided. An unused amount of the credit allowed under this section may be carried over for the next succeeding five years.
(B) A corporation that purchases vehicles that can be propelled primarily by alternative fuels is allowed a credit against its corporate income tax liability an amount equal to fifteen percent of the purchase price of each vehicle. A corporation that converts existing petroleum-fueled vehicles to operate primarily on alternative fuels is allowed a credit against its corporate income tax liability an amount equal to twenty-five percent of the installation and equipment costs. The credits allowed by this section may not exceed seven thousand five hundred dollars an eligible vehicle purchased or converted in the tax year for which the tax credit is provided. An unused amount of the credit allowed under this section may be carried over for the next succeeding two years.
As used in this section `alternative fuel' means natural gas, liquefied petroleum gas, a fuel containing at least seventy percent ethanol, or a fuel containing at least seventy percent methanol, and electricity."
SECTION 2. Article 10, Chapter 7, Title 12 of the 1976 Code is amended by adding:
"Section 12-7-1217. 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 section `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 3. Upon approval by the Governor, this act applies for taxable years beginning after 1995.