Current Status Bill Number:562 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970320 Primary Sponsor:Moore All Sponsors:Moore, Ryberg and Setzler Drafted Document Number:pt\1055mm.97 Companion Bill Number:3637 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Job tax credit, annual; calculation of new, full-time jobs, time limit; Income tax, Businesses and Corporations
Body Date Action Description Com Leg Involved
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Senate 19970320 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND SECTION 12-6-3360, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CALCULATION OF NEW AND ADDITIONAL NEW FULL-TIME JOBS FOR PURPOSES OF AN ANNUAL JOB TAX CREDIT, SO AS TO PROVIDE FOR AND PLACE A TIME LIMIT ON A TAYPAYER ELECTION FOR DETERMINATION OF NEW AND ADDITIONAL NEW FULL-TIME JOBS AND TO DEFINE "SINGLE SITE".
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3360(F) of the 1976 Code, as last amended by Act 462 of 1996, is further amended to read:
"(F) (1) The number of new and additional new full-time jobs is determined by comparing the monthly average number of full-time employees subject to South Carolina income tax withholding in the applicable county for the taxable year with the monthly average in the prior taxable year. For purposes of calculating the monthly average number of full-time employees in the first year of operation in this State, a taxpayer may use the actual months in operation or a full twelve-month period. If a taxpayer's business is only in operation for less than twelve months a year, the number of new and additional new full-time jobs is determined using the monthly average for the months the business is in operation.
(2)(a) A taxpayer who makes a capital investment of at least five million dollars at a single site within a three-year period may elect to have the number of new and additional new full-time jobs determined by comparing the monthly average number of full-time jobs subject to South Carolina income tax withholding at the site for the taxable year with the monthly average for the prior taxable year.
(b) For purposes of this item, 'single site' means a stand alone building or plant, whether or not several stand alone buildings or plants are located in one geographical location.
(c) The calculation of new and additional jobs provided for in this subitem is allowed for only a five-year period commencing in the year in which the five million dollars of capital investment is completed."
SECTION 2. This act takes effect upon approval by the Governor for taxable years beginning after 1997.