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TO AMEND SECTION 6-32-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX CREDITS, SO AS TO MAKE A TECHNICAL CHANGE REGARDING THE TAXATION OF CERTAIN ENTITIES PURSUANT TO SUBCHAPTER K OF THE INTERNAL REVENUE CODE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 6-32-40(C)(3) of the 1976 Code, as added by Act 227 of 2004, is amended to read:
"(3) The credit earned pursuant to this subsection by a general partnership, limited partnership, limited liability company, or any other entity taxed as a partnership pursuant to Subchapter K of the Internal Revenue Code must be passed through to its partners and may be allocated among any of its partners, including without limitation, an allocation of the entire credit to one partner, in a any manner agreed by the partners that is consistent with Subchapter K of the Internal Revenue Code. As used in this subsection, the term 'partner' means a partner, member, or owner of an interest in the pass through entity, as applicable."
SECTION 2. This act takes effect upon approval by the Governor.
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