South Carolina General Assembly
117th Session, 2007-2008

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Bill 4927


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Indicates New Matter


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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3680 SO AS TO ALLOW A REFUNDABLE INCOME 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 UP TO A MAXIMUM OF EIGHT PERCENT, AND TO PROVIDE THAT THE CREDIT IS ALLOWED ONLY 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 OF GENERAL FUND REVENUES.

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 after June 30, 2009, a taxpayer owning and operating a recycling facility as defined in subsection (A) of this section 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 taxable year the credit is claimed, two percent in the second year the credit is claimed, and increasing by two percent each year, not to exceed a total of eight percent. A credit is not allowed and may not be claimed for a taxable year except as provided in subsection (D) of this section.

(C)    The credit allowed pursuant to this section must be claimed on the taxypayer's annual return and the taxpayer shall provide all information that the department determines necessary for the calculation and administration of this 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 is allowed for the taxable year returns for which are due in the fiscal year beginning 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.

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