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197Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 20010124Primary Sponsor: HayesAll Sponsors: Hayes and MartinDrafted Document Number: l:\council\bills\bbm\9750htc01.docResiding Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Income tax credit, corporate; manufacturer hiring student in School to Work program; Businesses and CorporationsHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20010124 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3495 SO AS TO PROVIDE A CREDIT AGAINST THE CORPORATE INCOME TAX FOR A PORTION OF THE DIRECT PAYROLL EXPENDITURE OF A MANUFACTURER 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. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3495. A corporate taxpayer operating a manufacturing facility in this State as defined in Section 12-6-3360(M)(5) is allowed a credit against the tax imposed pursuant to Section 12-6-530 in an amount equal to twenty percent of the taxpayer's direct payroll cost in a taxable year in employing a public secondary school student in connection with the 'school to work' curriculum when 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 payroll costs. Unused credit may be carried forward for three succeeding taxable years. The taxpayer must maintain those records in connection with this credit as the Department of Revenue may require."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 2000.
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