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COMMITTEE REPORT
April 20, 2006
H. 4662
Introduced by Reps. White, Cooper, Leach, Martin, Sandifer and Skelton
S. Printed 4/20/06--H.
Read the first time February 15, 2006.
To whom was referred a Bill (H. 4662) to amend Act 1377 of 1968, as amended, relating to the issuance of State Capital Improvement Bonds, so as to reallocate and rename bond authorizations for Clemson, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/SECTION 1. Subsubitem (b) (Clemson University), subitem A, item (f), Section 3, Act 1377 of 1968, as added by Section 2, Act 28 of 1999, is further amended to read:
"(b) Clemson University
Long Hall 4,000,000 523,678
Littlejohn Coliseum 9,000,000"
SECTION 2. Subsubitem (b) (Clemson), subitem (3), item (f), Section 3, Act 1377 of 1968, as added by Section 1, Part II, Act 1 of 2001, is further amended to read:
"(b) Clemson
Civil Engineering/Textiles Building 6,000,000 1,423,807
Fike Wellness Center 2,000,000"
SECTION 3. Item (f), Section 3, Act 1377 of 1968, as last amended by Act 5 of 2003, is further amended by adding:
"Clemson University
Rhodes Engineering Research Center addition 8,052,515"
SECTION 4. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.
DANIEL T. COOPER for Committee.
REVENUE IMPACT 1/
This bill would reduce general fund income tax revenue by $958,500 in FY2006-07.
Explanation
This bill would amend Section 12-6-3360(B)(5) to allow a county that is at least one thousand square miles in size and has had an unemployment rate greater than the state average and an average per capita income lower than the state average for the past ten years to receive a job tax credit two tiers higher than that level currently imposed pursuant to Section 12-6-3360(B)(1)(a). Based upon those criteria, only Orangeburg County is eligible under this provision. In calendar year 2005, Orangeburg County was designated a distressed county with an $8,000 income tax credit for each eligible new job created in the county. In calendar year 2006, the county is designated a moderately-developed county with each eligible new job receiving a $3,500 tax credit, or two tiers lower than the prior year. According to the Department of Commerce, two companies in Orangeburg County applied for and received approval for eligible job tax credits for 213 new jobs during calendar year 2005. Job tax credits may be taken by a company once the new jobs are "created". These companies have been "approved" for job tax credits; however, the associated new jobs have not been "created" as of January 1, 2006. If the same number of new jobs is created in Orangeburg County during calendar year 2006, the jobs would be eligible for a tax credit of $8,000 per new job instead of the present $3,500 per new job. Multiplying 213 new qualified jobs by a tax credit increase of $4,500 per job would yield an estimated reduction in general fund income tax revenue of $958,500 in FY2006-07.
Approved By:
William C. Gillespie
Board of Economic Advisors
1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact by the BEA, or Section 2-7-76 for a local revenue impact or Section 6-1-85(B) for an estimate of the shift in local property tax incidence by the Office of Economic Research.
TO AMEND ACT 1377 OF 1968, AS AMENDED, RELATING TO THE ISSUANCE OF STATE CAPITAL IMPROVEMENT BONDS, SO AS TO REALLOCATE AND RENAME BOND AUTHORIZATIONS FOR CLEMSON UNIVERSITY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Subsubitem (b) (Clemson University), subitem A, item (f), Section 3, Act 1377 of 1968, as added by Section 2, Act 28 of 1999, is further amended to read:
"(b) Clemson University
Long Hall 4,000,000
Littlejohn Coliseum 9,000,000"
SECTION 2. Subsubitem (b) (Clemson), subitem (3), item (f), Section 3, Act 1377 of 1968, as added by Section 1, Part II, Act 1 of 2001, is further amended to read:
"(b) Clemson
Civil Engineering/Textiles Building 6,000,000
Fike Wellness Center 2,000,000"
SECTION 3. Item (f), Section 3, Act 1377 of 1968, as last amended by Act 5 of 2003, is further amended by adding:
"Clemson University
Rhodes Engineering Research Center addition 8,052,514"
SECTION 4. This act takes effect upon approval by the Governor.
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