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Current Status Bill Number:View additional legislative information at the LPITS web site.4428 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20000112 Primary Sponsor:Davenport All Sponsors:Davenport Drafted Document Number:l:\council\bills\bbm\9116htc00.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax credit, certain percent of workers' compensation insurance premium allowed as; Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20000112 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3415 SO AS TO ALLOW A STATE INCOME TAX CREDIT EQUAL TO FIFTY PERCENT OF WORKERS' COMPENSATION INSURANCE PREMIUM AND TO PROVIDE A LIMITATION ON THE CREDIT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3415. A taxpayer is allowed a credit against the taxes imposed by this chapter in an amount equal to fifty percent of workers' compensation insurance premium paid by the taxpayer in the taxable year. Only premiums paid to commercial insurance carriers qualify for the credit allowed under this section. The credit allowed by this section, when combined with all other applicable credits may not reduce the taxpayer's tax liability by more than fifty percent. Unused credit may be carried forward for ten years."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 1999.
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