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H. 3353
STATUS INFORMATION
General Bill
Sponsors: Reps. J.R. Smith, Scarborough, Pinson, Taylor, Perry, G.R. Smith, Limehouse, Rutherford, Bedingfield, Davenport, Mitchell, Cooper, Ceips, Bales, Barfield, Battle, Branham, G. Brown, Cato, Clemmons, Funderburk, Harrell, Hinson, Jennings, Littlejohn, Lucas, Mahaffey, Neilson, Ott, M.A. Pitts, Rice, D.C. Smith, F.N. Smith, W.D. Smith, Spires, Stewart and Walker
Document Path: l:\council\bills\bbm\9689ssp07.doc
Introduced in the House on January 25, 2007
Currently residing in the House Committee on Ways and Means
Summary: Nonrefundable credit
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/25/2007 House Introduced and read first time HJ-2 1/25/2007 House Referred to Committee on Ways and Means HJ-2 1/25/2007 Scrivener's error corrected
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3640 SO AS TO ALLOW A NONREFUNDABLE CREDIT TO A TAXPAYER WHO MAKES A CONTRIBUTION TO A PUBLIC SCHOOL FOR A QUALIFIED EXPENDITURE, TO DEFINE PUBLIC SCHOOL AND QUALIFIED EXPENDITURE, AND TO MAKE THE CREDIT EQUAL TO THIRTY-THREE PERCENT OF THE CONTRIBUTION BUT NOT TO EXCEED FIFTEEN THOUSAND DOLLARS.
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 12-6-3640. (A) For taxable years beginning after 2007, a taxpayer is allowed a credit against any income tax imposed pursuant to this chapter for a contribution made by a taxpayer to a public school for a qualified expenditure.
(B) For purposes of this section:
(1) 'Public school' means a school that is supported by public funds and is under the control of the State Board of Education.
(2) 'Qualified expenditure' means an expenditure made to a public school to establish and construct a building or other infrastructure for school purposes and for computers, computer-related equipment, and any other technological equipment and infrastructure for school purposes.
(C) The credit is equal to thirty-three percent of a contribution made by a taxpayer to a public school for a qualified expenditure. The credit is allowed over more than one taxable year but a taxpayer's total credit in all years, for all contributions made for qualified expenditures, may not exceed fifteen thousand dollars. Unused credits may be carried forward for five years after the tax year in which a contribution for a qualified expenditure was made. The credit is nonrefundable.
(D) A taxpayer who claims a credit for a contribution pursuant to this section may not claim a deduction for the same contribution.
(E) Credits allowed under this section are allocated to partners, limited liability company members, and subchapter 'S' corporation shareholders based on the percentage of their interest.
(F) Notwithstanding the amount of credits allowed by this section, these credits, when combined with any other state income tax credits allowed the taxpayer for a particular taxable year, cannot reduce the taxpayer's South Carolina income tax liability more than fifty percent.
(G) All documentation provided by taxpayers and their agents to the Department of Revenue in connection with claiming the credits allowed by this section is considered a tax return and subject to the penalty provided in Chapter 54 of Title 12."
SECTION 2. This act takes effect upon approval by the Governor.
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