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S. 757
STATUS INFORMATION
General Bill
Sponsors: Senators Ford and Reese
Document Path: l:\council\bills\ggs\22341htc04.doc
Introduced in the Senate on January 13, 2004
Currently residing in the Senate Committee on Finance
Summary: Income tax credit for installing retail space metal detectors
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/2/2003 Senate Prefiled 12/2/2003 Senate Referred to Committee on Finance 1/13/2004 Senate Introduced and read first time SJ-12 1/13/2004 Senate Referred to Committee on Finance SJ-12
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3555, SO AS TO ALLOW A STATE INCOME TAX CREDIT EQUAL TO FIFTY PERCENT OF THE EXPENSE OF PURCHASING AND INSTALLING A METAL DETECTOR SECURITY SYSTEM INSTALLED AND OPERATED BY RETAIL SPACE LANDLORDS AND INDIVIDUAL RETAILERS FOR THE PURPOSE OF PROVIDING CUSTOMER AND EMPLOYEE SECURITY.
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 12-6-3555. There is allowed as a credit against the tax imposed by this chapter an amount equal to fifty percent of the purchase price and installation expenses of a metal detector security system installed by a retail space landlord taxpayer or individual retail store taxpayer for use at retail space or shopping mall entrances to provide customer and employee security. Unused credit may be carried forward for ten succeeding taxable years. The Department of Revenue shall prescribe the documentation necessary to claim the credit allowed by this section."
SECTION 2. This act takes effect upon approval by the Governor and applies for metal detector security system purchase and installation expenses incurred in taxable years beginning after 2003.
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