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A150, R174, H4514
Sponsors: Rep. Cooper
Document Path: l:\council\bills\ggs\22485sd10.docx
Introduced in the House on February 3, 2010
Introduced in the Senate on March 2, 2010
Last Amended on February 25, 2010
Passed by the General Assembly on April 13, 2010
Became law without Governor's signature, April 27, 2010
Summary: Income tax
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 2/3/2010 House Introduced and read first time HJ-3 2/3/2010 House Referred to Committee on Ways and Means HJ-3 2/17/2010 House Committee report: Favorable Ways and Means HJ-1 2/25/2010 House Amended HJ-56 2/25/2010 House Read second time HJ-57 2/25/2010 House Unanimous consent for third reading on next legislative day HJ-57 2/26/2010 House Read third time and sent to Senate HJ-4 2/26/2010 Scrivener's error corrected 3/2/2010 Senate Introduced and read first time SJ-20 3/2/2010 Senate Referred to Committee on Finance SJ-20 3/24/2010 Senate Committee report: Favorable Finance SJ-13 3/31/2010 Senate Read second time SJ-17 4/13/2010 Senate Read third time and enrolled SJ-14 4/20/2010 Ratified R 174 4/27/2010 Became law without Governor's signature 4/30/2010 Effective date 04/27/10 5/3/2010 Act No. 150
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VERSIONS OF THIS BILL
(A150, R174, H4514)
AN ACT TO AMEND SECTION 12-44-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FEE IN LIEU OF TAX SIMPLIFICATION ACT, SO AS TO REVISE THE DEFINITION OF "TERMINATION DATE"; AND TO AMEND SECTION 12-6-590, AS AMENDED, RELATING TO TREATMENT OF "S" CORPORATIONS FOR TAX PURPOSES, SO AS TO PROVIDE THAT A SPECIFIED AMOUNT OF INCOME TAXES PAID BY RESIDENT AND NONRESIDENT SHAREHOLDERS OF CERTAIN "S" CORPORATIONS ENGAGED IN MANUFACTURING MUST BE DEPOSITED INTO A SPECIAL FUND AND DISTRIBUTED BY THE COORDINATING COUNCIL FOR ECONOMIC DEVELOPMENT AS GRANTS FOR PUBLIC INFRASTRUCTURE IMPROVEMENTS, WHICH DIRECTLY SUPPORT THE PROJECTS, AND TO PROVIDE FOR GUIDELINES TO ADMINISTER THE FUND AND APPLICATIONS FOR THE GRANTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-44-30(20) of the 1976 Code, as last amended by Act 116 of 2007, is further amended to read:
"(20) 'Termination date' means the date that is the last day of a property tax year that is the twenty-ninth year following the first property tax year in which an applicable piece of economic development property is placed in service. A sponsor may apply to the county prior to the termination date for an extension of the termination date beyond the twenty-ninth year up to ten years. The county council of the county shall approve an extension by resolution upon a finding of substantial public benefit. A copy of the resolution must be delivered to the department within thirty days of the date the resolution was adopted. If the fee agreement is terminated in accordance with Section 12-44-140, the termination date is the date the agreement is terminated."
Fund established; use of monies
SECTION 2. Section 12-6-590 of the 1976 Code, as last amended by Act 116 of 2007, is further amended by adding:
"(C) One-half of all income taxes paid by resident shareholders and nonresident shareholders under Section 12-8-590 or other provisions of law, up to five million dollars, of an 'S' Corporation engaged in manufacturing with a new five hundred million dollar capital investment at a single site and four hundred new employees, for a period of five years, must be paid by the department to the State Treasurer to be deposited into a fund and distributed pursuant to the approval of the Coordinating Council for Economic Development. The county or municipality in which the project is located may apply to the council for grants from the fund by submitting a grant application. Upon review of the grant application, the council shall determine the amount of monies to be received by each of the eligible counties or municipalities. All monies must be used for public infrastructure improvements which directly support the project. Grants may run for more than a year and may be based upon a specified dollar amount or a percentage of the monies deposited annually into the fund. After approval of a grant application, the council may approve the release of monies. The council shall adopt guidelines to administer the fund, including, but not limited to, grant application criteria for review and approval of grant applications."
SECTION 3. This act takes effect upon approval by the Governor.
Ratified the 20th day of April, 2010.
Became law without the signature of the Governor -- 4/27/2010.
This web page was last updated on Friday, August 16, 2013 at 1:57 P.M.