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Bill 3960

                    Current Status

Bill Number:                      3960
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010418
Primary Sponsor:                  Sandifer
All Sponsors:                     Sandifer, Loftis, Simrill, Coates, 
                                  Wilkins, Cato, Harrison, Knotts, McGee, Bales, 
                                  Davenport, Allison, Altman, Barrett, Bingham, 
                                  Campsen, Chellis, Cooper, Dantzler, Edge, 
                                  Fleming, Frye, Gilham, Hinson, Kelley, Kirsh, 
                                  Koon, Law, Leach, Limehouse, Littlejohn, 
                                  Lloyd, Meacham-Richardson, Owens, Quinn, 
                                  Riser, Rivers, Robinson, Rodgers, Scarborough, 
                                  Sharpe, Sinclair, D.C. Smith, G.M. Smith, 
                                  J.R. Smith, Stuart, Talley, Taylor, Thompson, 
                                  Trotter, Vaughn, Walker, Webb, White, 
                                  Witherspoon and J. Young
Drafted Document Number:          l:\council\bills\bbm\9913htc01.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Income tax credit for small businesses 
                                  for premiums paid by for employer-paid 
                                  employee health insurance; Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20010418  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 12-6-3435 SO AS TO ALLOW A STATE INCOME TAX CREDIT FOR PREMIUMS PAID BY A SMALL BUSINESS FOR EMPLOYER-PAID EMPLOYEE HEALTH INSURANCE, TO LIMIT THE CREDIT TO FIVE HUNDRED DOLLARS AN EMPLOYEE AND ALLOW THE CREDIT ONLY FOR BUSINESSES EMPLOYING TWENTY OR FEWER PERSONS, TO ALLOW THE CREDIT ONLY IF THE BUSINESSES FORMERLY DID NOT PROVIDE SUCH COVERAGE TO EMPLOYEES, AND TO PHASE THE CREDIT OUT OVER SIX YEARS.

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 12-6-3435.    A taxpayer whose total payroll is twenty or fewer employees is allowed a credit against the tax imposed pursuant to Section 12-6-510 or 12-6-530, as applicable, in an amount equal to the health insurance premium paid for each full-time employee, not to exceed five hundred dollars an employee for each employee covered. This credit is allowed only in those instances where an employer formerly not providing employer-paid health insurance first begins to provide such coverage to all full-time employees. The five hundred dollar maximum credit for each employee applies for the first two taxable years then beginning in the third taxable year declines at the rate of one hundred dollars a year, but no credit is allowed if coverage is dropped or reduced during any taxable year the credit applies. The credit continues to apply subject to the twenty employee maximum if payroll grows to more than twenty during the credit period, if additional full-time employees are provided employer-paid health insurance when hired. Unused credit may be carried forward for ten succeeding taxable years."

SECTION    2.    Upon approval by the Governor, this act applies for taxable years beginning after 2000.

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