South Carolina General Assembly
116th Session, 2005-2006

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H. 4384

STATUS INFORMATION

General Bill
Sponsors: Rep. Kirsh
Document Path: l:\council\bills\bbm\9074htc06.doc

Introduced in the House on January 10, 2006
Currently residing in the House Committee on Ways and Means

Summary: Income tax credit

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   1/10/2006  House   Introduced and read first time HJ-49
   1/10/2006  House   Referred to Committee on Ways and Means HJ-49

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/10/2006

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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3378 SO AS TO ALLOW A STATE INCOME TAX CREDIT EQUAL TO TWENTY PERCENT OF QUALIFIED PHOTOVOLTAIC PROPERTY EXPENDITURES CREDIT, THE QUALIFIED SOLAR WATER HEATING PROPERTY EXPENDITURES CREDIT, OR THE QUALIFIED FUEL CELL PROPERTY EXPENDITURES CREDIT ALLOWED AGAINST AN INDIVIDUAL TAXPAYER'S FEDERAL INCOME TAX LIABILITY.

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 12-6-3378.    An individual South Carolina resident taxpayer who is eligible for and claims the qualified photovoltaic property expenditures credit, qualified solar water heating property expenditure credit, or the qualified fuel cell property expenditures credit allowed pursuant to Internal Revenue Code Section 25D(a)(2) is allowed a credit against the income taxes imposed pursuant to this chapter in an amount equal to twenty percent of the federal income tax credit claimed by the taxpayer. A credit allowed by this section is nonrefundable and if the amount of the credit exceeds the taxpayer's liability for the applicable taxable year, any unused credit may be carried forward and claimed in the five succeeding taxable years."

SECTION    2.    This act takes effect upon approval by the Governor and applies for taxable years beginning after 2005.

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