South Carolina General Assembly
116th Session, 2005-2006

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H. 4739

STATUS INFORMATION

General Bill
Sponsors: Rep. Toole
Document Path: l:\council\bills\bbm\9130htc06.doc

Introduced in the House on March 1, 2006
Currently residing in the House Committee on Ways and Means

Summary: Small business targeted jobs tax credit

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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    3/1/2006  House   Introduced and read first time HJ-2
    3/1/2006  House   Referred to Committee on Ways and Means HJ-2

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

3/1/2006

(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 12-6-3367 SO AS TO ALLOW A SMALL BUSINESS AN ALTERNATE METHOD FOR CLAIMING THE TARGETED JOBS TAX CREDIT.

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 12-6-3367.    (A)    A taxpayer eligible pursuant to Section 12-6-3360(C)(2) for the jobs tax credits allowed pursuant to Section 12-6-3360 may elect to claim the applicable credit in the manner provided pursuant to subsection (B) of this section rather than as provided in Section 12-6-3360(C)(2).

(B)    Beginning with the first full month wages are paid for the new full-time jobs created, the taxpayer is allowed a jobs tax credit in an amount equal to 8.33 percent of the maximum credit amount each month for not more than sixty consecutive months multiplied by the number of new full-time jobs for which wages are paid for the full month. A credit is not allowed for any month in which the new employment increase falls below the minimum level of two. To claim the credits allowed pursuant to Section 12-6-3360(C)(2)(a), the minimum gross wages requirement is met if the gross wages paid for the month, when annualized, meet the minimum requirement.

(C)    Except where altered as provided in subsection (B) of this section, the provisions of Section 12-6-3360 are incorporated into this section."

SECTION    2.    This act takes effect upon approval by the Governor and applies for new jobs created after June 30, 2006.

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This web page was last updated on Friday, December 4, 2009 at 3:51 P.M.