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TO AMEND ACT 157 OF 2005, RELATING TO MISCELLANEOUS TAX AND BUSINESS INCENTIVE MEASURES, SO AS TO ELIMINATE THE SMALL BUSINESS TARGETED JOBS TAX CREDIT FROM THE TAX CREDITS AND EXEMPTIONS SUNSETTED IN THE ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 5(B) of Act 157 of 2005 is amended to read:
"(B) Each tax incentive, including credits and exemptions, enacted by this act shall be repealed for tax years beginning after five years from the date of enactment, unless a different time frame is otherwise provided herein, but this repeal does not apply to the small business targeted jobs tax credit allowed pursuant to Section 12-6-3360(C)(2) of the 1976 Code as amended by this act."
SECTION 2. This act takes effect upon approval by the Governor.
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