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Current Status Bill Number:View additional legislative information at the LPITS web site.174 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990112 Primary Sponsor:Leatherman All Sponsors:Leatherman, Elliott, Ryberg, Giese, Wilson, Hayes, Reese, Setzler Drafted Document Number:l:\council\bills\dka\3083mm99.doc Companion Bill Number:3480 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Income Tax Credit Incentive for Investment in Qualified School-to-Work Programs Act, School districts History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990112 Introduced, read first time, 06 SF referred to Committee Senate 19981216 Prefiled, referred to Committee 06 SF Versions of This Bill
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3495 SO AS TO ENACT THE "STATE INCOME TAX CREDIT INCENTIVE FOR INVESTMENT IN QUALIFIED SCHOOL-TO-WORK PROGRAMS ACT", PROVIDING A CREDIT AGAINST THE CORPORATE INCOME TAX FOR A PORTION OF THE TOTAL QUALIFIED INVESTMENT OF A BUSINESS OR AN INDUSTRY FOR HIRING A STUDENT IN A PUBLIC SECONDARY EDUCATION "SCHOOL-TO-WORK" PROGRAM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The General Assembly recognizes that business, industry, and other aspects of the economy need trained, educated, and motivated workers. It is the intent of the General Assembly to encourage private investment in programs that integrate traditional education with on-the-job training. It is further the intent of the General Assembly to foster and encourage cooperation among the private sector and the educational community in creating programs that open doors of opportunity for students and enable them to develop the knowledge and skills that empower them to become productive members of society.
SECTION 2. This act may be cited as the "State Income Tax Credit Incentive for Investment in Qualified School-to-Work Programs Act".
SECTION 3. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3495. (A) A corporate taxpayer operating a business or an industry in this State is allowed a credit against the tax imposed pursuant to Section 12-6-530 in an amount equal to ten percent of the taxpayer's total qualified investment made in a taxable year in employing a public secondary school student in connection with the 'school-to-work' curriculum if this participation by the employer has been certified by the State Department of Education and the Department of Revenue as a qualifying 'school-to-work' program. No credit is allowed if any other credit allowed by this article is claimed in connection with these costs. Unused credit is not refundable but may be carried forward for five succeeding taxable years. The taxpayer must maintain records in connection with this credit as the Department of Revenue may require.
(B) For purposes of this section:
(1) 'Qualified investment' means money directly expended for wages, workers' compensation insurance, unemployment insurance, and training expenses to employ a student to work or to allow a student to participate in an internship through a qualified school-to-work program.
(2) 'Qualified school-to-work program' means a program that integrates school curriculum with job training, encourages placement of a student in a job or an internship that teaches him new skills and improves his school performance, and is approved by the State Department of Education and the Department of Revenue."
SECTION 4. Upon approval by the Governor, this act is effective for taxable years beginning after 1998.
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