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TO AMEND SECTION 12-14-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE INVESTMENT TAX CREDIT AGAINST STATE INCOME TAX ALLOWED FOR ECONOMIC IMPACT ZONE QUALIFIED MANUFACTURING AND PRODUCTIVE EQUIPMENT PROPERTY, SO AS TO EXTEND FOR CERTAIN TAXPAYERS THE TEN-YEAR CARRY-FORWARD PERIOD FOR UNUSED TAX CREDITS AND PROVIDE THE REQUIREMENTS NECESSARY FOR A TAXPAYER TO RECEIVE THE ADDITIONAL CARRY-FORWARD PERIOD.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-14-60(D) of the 1976 Code is amended to read:
"(D)(1) Unused credit allowed pursuant to this section may be carried forward for ten years from the close of the tax year in which the credit was earned.
(2) In the case of credit earned and unused within the initial ten-year period, a taxpayer may continue to carry forward unused credits for use in any subsequent tax years if the taxpayer:
(a) is engaged in this State in an activity or activities listed under the North American Industry Classification System Manual (NAICS) Section 31, 32, or 33;
(b)(i) is employing one thousand or more full-time workers in this State and having a total capital investment in this State of not less than five hundred million dollars; or
(ii) is employing eight hundred fifty or more full-time workers in this State and having a total capital investment in this State of not less than seven hundred fifty million dollars; and
(c) made a total capital investment of not less than fifty million dollars in the previous five years.
Credits carried forward beyond the initial ten-year period may not reduce a taxpayer's state income tax liability in any subsequent tax year by more than twenty-five percent."
SECTION 2. This act takes effect upon approval by the Governor.
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