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552Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 20010405Primary Sponsor: HayesAll Sponsors: HayesDrafted Document Number: l:\council\bills\gjk\20465sd01.docCompanion Bill Number: 3885Residing Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Electric facility sales, transfers; exempt from sales tax, deed recording fees; Corporate income tax credit; TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010406 Companion Bill No. 3885 Senate 20010405 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND SECTION 12-24-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS FROM DEED RECORDING FEES AND SECTION 12-36-2120, RELATING TO EXEMPTIONS FROM SALES TAX, SO AS TO PROVIDE EXEMPTIONS FROM SALES TAX AND DEED RECORDING FEES FOR SALES, EXCHANGES, AND TRANSFERS OF ELECTRIC TRANSMISSION FACILITIES; AND TO AMEND SECTION 12-6-3410, 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 12-24-40 of the 1976 Code is amended by adding a new item (15) to read:
"(15) transferring title to facilities for transmitting electricity that is transferred, sold, or exchanged by electrical utilities, municipalities, electric cooperatives, or political subdivisions;"
SECTION 2. Section 12-36-2120 of the 1976 Code is amended by adding a new item (59) to read:
"(59) facilities for transmitting electricity that is transferred, sold, or exchanged by electrical utilities, municipalities, electric cooperatives, or political subdivisions;"
SECTION 3. Section 12-6-3410(J) of the 1976 Code is 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 a credit that passes through to its members."
SECTION 4. This act takes effect upon approval by the Governor and Sections 1 and 2 apply with respect to sales or deeds made or recorded after this date, and Section 3 is applicable to taxable years beginning after December 31, 2000.
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