Scroll to History Page
Scroll to Previous Versions Links List
Scroll to Full Text
Download This Bill in Microsoft Word format

Bill 544

                    Current Status

Bill Number:                      544
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010404
Primary Sponsor:                  Hayes
All Sponsors:                     Hayes
Drafted Document Number:          l:\council\bills\gjk\20445sd01.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Corporate income tax credit, limited 
                                  liability company may be included as corporate 
                                  headquarters; Businesses, Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20010404  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 12-6-3410, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CORPORATE INCOME TAX CREDIT FOR CORPORATE HEADQUARTERS, SO AS TO ALLOW CERTAIN LIMITED LIABILITY COMPANIES TO BE TREATED AS CORPORATIONS FOR THIS PURPOSE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-6-3410(J) of the 1976 Code, as last amended by Act 114 of 1999, is further amended by adding the following item (9) to read:

"(9) 'corporation', 'corporate', 'company', and 'taxpayer' for purposes of this section only include a limited liability company which is subject to regulation under the Federal Power Act (16 U.S.C. Section 791a) and which is formed to operate or to take functional control of electric transmission assets as defined in the Federal Power Act regardless of whether the limited liability company is treated as a partnership or as a corporation for South Carolina income tax purposes. If treated as a partnership, a limited liability company that qualifies for a credit under this section passes the credit through to its members in proportion to their interests in the limited liability company. Each member's share of the credit is nonrefundable, but is allowed as a credit against any tax under Section 12-6-530 or Section 12-20-50. Each member may carry any unused credit forward as provided in subsection (F). The limited liability company may not carry forward an credit that passes through to its members."

SECTION 2. This act takes effect upon approval by the Governor and is applicable to taxable years beginning after December 31, 2000.

This web page was last updated on Tuesday, December 8, 2009 at 11:12 A.M.