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INTRODUCED
March 12, 2002
S. 1110
Introduced by Senators J. Verne Smith, McConnell, Richardson, Leatherman, Courson, Mescher, Grooms, Peeler, Alexander, Ravenel, Ryberg, Branton, Giese, Thomas, Verdin, Martin, Kuhn, Hayes, Hawkins, Fair and Drummond
S. Printed 3/12/02--S.
Read the first time March 12, 2002.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3392 SO AS TO ESTABLISH A REFUNDABLE NURSING HOME TAX CREDIT FOR CERTAIN PRIVATE, NONPROFIT NURSING HOMES AND TO PROVIDE THAT THE AMOUNT OF THE CREDIT IS EQUAL TO THE SAME PERCENTAGE OF THE TOTAL AMOUNT REFUNDABLE AS THE NUMBER OF PATIENT DAYS PROVIDED BY A NURSING HOME TO THE TOTAL NUMBER OF PATIENT DAYS PROVIDED BY ALL ELIGIBLE NURSING HOMES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 12-6-3392. Private, nonprofit licensed nursing homes, except those which are hospital based or related, those which lease real property from a public entity, and those which are owned and operated by any homeowners' association, are, upon application to the Department of Revenue, eligible for a refundable tax credit. The amount of the tax credit for each nursing home shall be equal to the same percentage of the total amount refundable, not to exceed two million dollars annually, as the number of patient days provided by a nursing home is to the total number of patient days provided by the nursing homes herein described."
SECTION 2. This act takes effect upon approval by the Governor.
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