Download This Bill in Microsoft Word format
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
(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.
This web page was last updated on Friday, December 4, 2009 at 3:38 P.M.