South Carolina General Assembly
112th Session, 1997-1998

Bill 4248

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Bill Number:                       4248
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19970529
Primary Sponsor:                   Bowers 
All Sponsors:                      Bowers 
Drafted Document Number:           dka\4301mm.97
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Income tax credit, property tax
                                   exemption, new businesses in state;
                                   Taxation, Businesses and
                                   Corporations
History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________
House   19970529  Introduced, read first time,             30 HWM
                  referred to Committee
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-1230 SO AS TO ALLOW AN INCOME TAX CREDIT TO CERTAIN NEW BUSINESSES IN THIS STATE FOR SOCIAL SECURITY TAXES PAID ON AN EMPLOYEE'S WAGES; AND TO AMEND SECTION 12-37-220, AS AMENDED, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO GRANT AN EXEMPTION TO CERTAIN NEW BUSINESSES IN THIS STATE.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 12-6-1230. A business which initiates operation in this State after July 1, 1997, or had been in operation less than twelve months before that date, and has not or does not qualify for economic assistance, tax credits, or other incentives available pursuant to any other economic development act provided in this State may claim a credit against income taxes for the first five years of its operation in an amount equal to the Social Security taxes paid by the business on its employees' wages."

SECTION 2. Section 12-37-220(B) of the 1976 Code, as last amended by Act 462 of 1996, is further amended by adding an appropriately numbered item to read:

"( ) personal property otherwise taxable except that it is owned by a business which initiates operation in this State after July 1, 1997, or had been in operation less than twelve months before that date, and has not or does not qualify for economic assistance, tax credits, or other incentives available pursuant to any other economic development act provided in this State. This exemption is effective for the first five years of its operation."

SECTION 3. Upon approval by the Governor, this act takes effect July 1, 1997.

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