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TO AMEND ARTICLE 25, CHAPTER 6, TITLE 12 OF THE 1976 CODE, BY ADDING SECTION 12-6-3680, TO PROVIDE A REFUNDABLE TAX CREDIT TO A RECYCLING FACILITY EQUAL TO THE YEARLY AMOUNT EXPENDED BY THE RECYCLING FACILITY FOR ELECTRIC SERVICE MULTIPLIED BY ONE PERCENT IN THE FIRST YEAR THE CREDIT IS CLAIMED, TWO PERCENT IN THE SECOND YEAR, AND INCREASING BY TWO PERCENT IN THE YEARS THEREAFTER UP TO A MAXIMUM OF EIGHT PERCENT, AND TO PROVIDE THAT THE CREDIT SHALL ONLY TAKE EFFECT IF THE ANNUAL FEBRUARY FIFTEENTH FORECAST BY THE BOARD OF ECONOMIC ADVISORS OF ANNUAL GENERAL FUND REVENUE FORECASTS GROWTH THAT EQUALS AT LEAST FIVE PERCENT OF THE MOST RECENT ESTIMATE.
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 12-6-3680. (A) For purposes of this section:
(1) 'Recycling facility' means a facility located in South Carolina that:
(a) engages in recycling as defined in Section 44-96-40(37);
(b) manufactures product for sale composed of over fifty percent post-consumer recycled content and pre-consumer recycled content by weight or by volume;
(c) produces over fifty thousand tons of product, which is manufactured as recycled content, for sale in a calendar year; and
(d) employs at least one hundred employees in South Carolina.
(B) For taxable years beginning July 1, 2009, a recycling facility as defined in subsection (A) is allowed a refundable income tax credit equal to the yearly amount expended by the recycling facility for electric service multiplied by one percent in the first year the credit is claimed, two percent in the second year the credit is claimed, and increasing by two percent each year thereafter. The percentage shall not exceed eight percent.
(C) A taxpayer may only claim the credit allowed in this section on the taxypayer's annual return. The taxpayer shall provide all information that the department determines is necessary for the calculation and administration of the credit.
(D) Beginning with the February 15, 2009, forecast by the Board of Economic Advisors of annual general fund revenue growth for the upcoming fiscal year, and annually thereafter, if the forecast of that growth equals at least five percent of the most recent estimate by the board of general fund revenues for the current fiscal year, then the applicable credit shall be imposed, effective the following July first. If the February fifteenth forecast meets the requirement for the credit, the board promptly shall certify this result in writing to the department."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Monday, June 22, 2009 at 2:25 P.M.