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ALLOWING A CORPORATE INCOME TAX CREDIT EQUAL TO TEN PERCENT OF AMOUNTS EXPENDED BY A MANUFACTURER TO PROVIDE AN ADEQUATE WATER SUPPLY FOR ITS OPERATIONS IF THESE EXPENDITURES ARE NECESSITATED BY THE DRAWDOWN OF LAKE MURRAY OR DROUGHT CONDITIONS REDUCING THE FLOW OF THE SALUDA OR CONGAREE RIVERS AT ANY TIME OF THE YEAR; TO PROVIDE THAT THIS CREDIT IS ALLOWED FOR EXPENDITURES MADE IN THE YEARS 2002 THROUGH 2006, AND TO PROVIDE A FIVE-YEAR CARRY FORWARD OF ANY UNUSED CREDIT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. A manufacturer making expenditures to provide an adequate water supply for its operations, if these expenditures are necessitated by the drawdown of the Lake Murray water level or by drought conditions which have reduced the flow of the Saluda or Congaree rivers at any time of the year, is allowed a credit against the tax imposed pursuant to Section 12-6-530 of the 1976 Code in amounts equal to ten percent of the expenditures. The credit is allowed for qualifying expenditures made after 2001 and before 2007. The credit allowed by this section is nonrefundable and any unused credit may be carried forward to the corporation's five succeeding taxable years.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
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