Download This Bill in Microsoft Word format

Bill 3205

                    Current Status

Bill Number:                      3205
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990112
Primary Sponsor:                  Bowers
All Sponsors:                     Bowers
Drafted Document Number:          l:\council\bills\dka\3088mm99.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Income tax credit, new businesses in 
                                  state for social security taxes paid on 
                                  employee wages, Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990112  Introduced, read first time,           30 HWM
                  referred to Committee
House   19990106  Prefiled, referred to Committee        30 HWM


                             Versions of This 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, 1999, 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 149 of 1997, 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, 1999, 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, 1999.

This web page was last updated on Wednesday, December 9, 2009 at 9:13 A.M.