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TO AMEND SECTION 12-6-3477, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPRENTICE STATE INCOME TAX CREDIT, SO AS TO ALLOW AN EMPLOYER A CREDIT AGAINST STATE INCOME TAX EQUAL TO FIVE HUNDRED DOLLARS IN EACH TAXABLE YEAR FOR EMPLOYING AN APPRENTICE IN A HIGH SCHOOL VOCATIONAL PROGRAM, TO ALLOW UNUSED CREDIT TO CARRY FORWARD TO TWO SUCCEEDING TAXABLE YEARS, AND TO PROVIDE FOR THE ADMINISTRATION OF THIS CREDIT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3477 of the 1976 Code, as added by Act 94 of 2007, is amended to read:
"Section 12-6-3477. (A) A taxpayer who employs an apprentice pursuant to an apprentice agreement registered with the Office of Apprenticeship of the Employment and Training Administration of the United States Department of Labor is allowed a credit against an income tax imposed pursuant to this chapter equal to one thousand dollars for each apprentice employed. A credit is not allowed unless the apprentice was in the employ of the taxpayer for at least seven full months of the taxable year and a credit is not allowed for an individual apprentice for more than four taxable years. The department shall prescribe a form to claim this credit that provides information to the department sufficient for the proper administration of this credit.
(B) A taxpayer who employs an apprentice pursuant to a high school vocational or coop apprenticeship program verified by the Department of Revenue is allowed a credit against an income tax imposed pursuant to this chapter equal to five hundred dollars for each apprentice employed. A credit is not allowed unless the apprentice was in the employ of the taxpayer for at least fifty hours in each semester during the taxable year and a credit is not allowed for an individual apprentice for more than two taxable years. The department shall prescribe a form to claim this credit that provides information to the department sufficient for the proper administration of this credit."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2007.
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