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A394, R376, H4491
Sponsors: Rep. Herbkersman
Document Path: l:\council\bills\bbm\9145htc06.doc
Introduced in the House on January 24, 2006
Introduced in the Senate on February 16, 2006
Passed by the General Assembly on May 23, 2006
Governor's Action: June 6, 2006, Vetoed
Legislative veto action(s): Veto overridden
Summary: Targeted job tax credit
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/24/2006 House Introduced and read first time HJ-10 1/24/2006 House Referred to Committee on Ways and Means HJ-10 2/9/2006 House Recalled from Committee on Ways and Means HJ-19 2/14/2006 House Read second time HJ-37 2/15/2006 House Read third time and sent to Senate HJ-14 2/16/2006 Senate Introduced and read first time SJ-14 2/16/2006 Senate Referred to Committee on Finance SJ-14 5/12/2006 Senate Referred to Subcommittee: O'Dell (ch), Peeler, Reese, Short, Fair, Verdin 5/17/2006 Senate Committee report: Favorable Finance SJ-12 5/18/2006 Senate Read second time SJ-53 5/23/2006 Senate Read third time and enrolled SJ-7 5/31/2006 Ratified R 376 6/6/2006 Vetoed by Governor 6/14/2006 House Veto overridden by originating body Yeas-96 Nays-6 HJ-106 6/14/2006 Senate Veto overridden Yeas-44 Nays-1 SJ-124 6/21/2006 Copies available 6/21/2006 Effective date 06/14/06 6/28/2006 Act No. 394
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
(A394, R376, H4491)
AN ACT TO AMEND SECTION 12-6-3360, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TARGETED JOBS TAX CREDIT, SO AS TO REVISE THE DEFINITION OF "QUALIFYING SERVICE-RELATED FACILITY" WITH RESPECT TO COMPENSATION REQUIREMENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3360(M)(13)(b) of the 1976 Code is amended to read:
"(b) a business, other than a business engaged in legal, accounting, or investment services or retail sales, which has a net increase of at least:
(i) two hundred fifty jobs at a single location;
(ii) one hundred twenty-five jobs at a single location and the jobs have an average cash compensation level of more than one and one-half times the lower of state per capita income or per capita income in the county where the jobs are located;
(iii) seventy-five jobs at a single location and the jobs have an average cash compensation level of more than twice the lower of state per capita income or per capita income in the county where the jobs are located; or
(iv) thirty jobs at a single location and the jobs have an average cash compensation level of more than two and one-half times the lower of state per capita income or per capita income in the county where the jobs are located.
A taxpayer shall use the most recent per capita income data available as of the end of the taxable year in which the jobs are filled. Determination of the required number of jobs is in accordance with the monthly average described in subsection (F)."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 31st day of May, 2006.
Vetoed by the Governor -- 6/6/06.
Veto overridden by House -- 6/14/06.
Veto overridden by Senate -- 6/14/06.
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