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TO AMEND SECTION 12-6-3360, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TARGETED JOBS TAX CREDIT, SO AS TO EXTEND THE ELIGIBILITY FOR THIS CREDIT AND OTHER ECONOMIC INCENTIVES THAT FOLLOW FROM THIS CREDIT TO AIRCRAFT SERVICING FACILITIES AND PROVIDE A DEFINITION FOR AN AIRCRAFT SERVICING FACILITY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. A. Section 12-6-3360(A) of the 1976 Code, as last amended by Act 116 of 2007, is further amended to read:
"(A) Taxpayers that operate manufacturing, tourism, processing, warehousing, distribution, research and development, corporate office, aircraft servicing, qualifying service-related facilities, extraordinary retail establishmentestablishments, qualifying technology intensive facilities, and banks as defined pursuant to this title are allowed an annual jobs tax credit as provided in this section. In addition, taxpayers that operate retail facilities and service-related industries qualify for an annual jobs tax credit in counties designated as least developed or distressed, and in counties that are under developed and not traversed by an interstate highway. As used in this section, "corporate office" includes general contractors licensed by the South Carolina Department of Labor, Licensing and Regulation. Credits pursuant to this section may be claimed against income taxes imposed by Section 12-6-510 or 12-6-530, bank taxes imposed pursuant to Chapter 11 of this title, and insurance premium taxes imposed pursuant to Chapter 7 of Title 38, and are limited in use to fifty percent of the taxpayer's South Carolina income tax, bank tax, or insurance premium tax liability. In computing a tax payable by a taxpayer pursuant to Section 38-7-90, the credit allowable pursuant to this section must be treated as a premium tax paid pursuant to Section 38-7-20."
B. Section 12-6-3360(M) of the 1976 Code, as last amended by Act 116 of 2007, is further amended by adding at the end:
"(16) 'Aircraft servicing facility' means a facility at which a firm engages in the repair or reconditioning of aircraft owned or leased by the federal government or a commercial air carrier."
SECTION 2. This act takes effect upon approval by the Governor.
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