South Carolina General Assembly
116th Session, 2005-2006

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A113, R125, H3067

STATUS INFORMATION

General Bill
Sponsors: Reps. J.R. Smith, Clark, Clyburn, Perry, D.C. Smith, Stewart and G.R. Smith
Document Path: l:\council\bills\ggs\22784htc05.doc

Introduced in the House on January 11, 2005
Introduced in the Senate on March 9, 2005
Last Amended on May 19, 2005
Passed by the General Assembly on May 25, 2005
Governor's Action: June 1, 2005, Signed

Summary: Investment tax credit

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/8/2004  House   Prefiled
   12/8/2004  House   Referred to Committee on Ways and Means
  12/10/2004          Scrivener's error corrected
   1/11/2005  House   Introduced and read first time HJ-70
   1/11/2005  House   Referred to Committee on Ways and Means HJ-70
    3/3/2005  House   Recalled from Committee on Ways and Means HJ-53
    3/8/2005  House   Read second time HJ-13
    3/9/2005  House   Read third time and sent to Senate HJ-17
    3/9/2005  Senate  Introduced and read first time SJ-22
    3/9/2005  Senate  Referred to Committee on Finance SJ-22
   5/18/2005  Senate  Committee report: Favorable with amendment Finance SJ-13
   5/19/2005  Senate  Amended SJ-64
   5/19/2005  Senate  Read second time SJ-64
   5/25/2005  Senate  Read third time and returned to House with amendments 
                        SJ-54
   5/25/2005  House   Concurred in Senate amendment and enrolled HJ-324
   5/26/2005          Ratified R 125
    6/1/2005          Signed By Governor
    6/7/2005          Copies available
    6/7/2005          Effective date See Act for Effective Date
    6/7/2005          Act No. 113

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/8/2004
12/10/2004
3/3/2005
5/18/2005
5/19/2005


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A113, R125, H3067)

AN ACT 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:

Credit carry forward extended

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 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."

Time effective

SECTION    2.    This act takes effect upon approval by the Governor and the provisions of Section 12-14-60(D)(2) of the 1976 Code, as amended by this act, apply for credits earned in taxable years beginning after 1996.

Ratified the 26th day of May, 2005.

Approved the 1st day of June, 2005.

__________


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