South Carolina General Assembly
117th Session, 2007-2008

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S. 877

STATUS INFORMATION

General Bill
Sponsors: Senator Campsen
Document Path: l:\s-res\gec\011rndt.kmm.doc

Introduced in the Senate on January 8, 2008
Currently residing in the Senate Committee on Finance

Summary: Research and Development Tax Credit Reform Act

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/5/2007  Senate  Prefiled
   12/5/2007  Senate  Referred to Committee on Finance
    1/8/2008  Senate  Introduced and read first time SJ-41
    1/8/2008  Senate  Referred to Committee on Finance SJ-41

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/5/2007

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO ENACT THE RESEARCH AND DEVELOPMENT TAX CREDIT REFORM ACT BY AMENDING SECTION 12-6-3415 OF THE 1976 CODE, RELATING TO THE CORPORATE INCOME TAX AND CORPORATE LICENSE TAX CREDIT ALLOWED TAXPAYERS CLAIMING A FEDERAL INCOME TAX CREDIT FOR RESEARCH ACTIVITY, TO ALLOW THE CREDIT AGAINST ANY INCOME TAX IMPOSED PURSUANT TO THE SOUTH CAROLINA INCOME TAX ACT.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    This act may be referred to and cited as the "Research and Development Tax Reform Act."

SECTION    2.    Section 12-6-3415(A) of the 1976 Code is amended to read:

"(A)    A taxpayer that claims a federal income tax credit pursuant to Section 41 of the Internal Revenue Code for increasing research activities for the taxable year is allowed a credit against any tax due pursuant to Section 12-6-530 this chapter or Section 12-20-50 equal to five percent of the taxpayer's qualified research expenses made in South Carolina. For the purposes of this credit, qualified research expenses has the same meaning as provided for in Section 41 of the Internal Revenue Code."

SECTION    3.    This act takes effect upon approval by the Governor and applies for taxable years beginning after 2006.

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