Download This Bill in Microsoft Word format
Indicates Matter Stricken
Indicates New Matter
Sponsors: Senators Leventis and Sheheen
Document Path: l:\s-resmin\drafting\pl\008geot.tcm.pl.docx
Companion/Similar bill(s): 4631
Introduced in the Senate on January 12, 2010
Currently residing in the Senate Committee on Finance
Summary: Tax credit
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/9/2009 Senate Prefiled 12/9/2009 Senate Referred to Committee on Finance 1/12/2010 Senate Introduced and read first time SJ-17 1/12/2010 Senate Referred to Committee on Finance SJ-17
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND CHAPTER 6, TITLE 12 OF THE 1976 CODE, BY ADDING SECTION 12-6-3592 TO PROVIDE A TAX CREDIT OF TWENTY-FIVE PERCENT OF THE PURCHASE COST OF A GEOTHERMAL HEAT PUMP SYSTEM AND TO DEFINE A GEOTHERMAL HEAT PUMP SYSTEM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3592. (A) There is allowed as a tax credit against the income tax liability of a taxpayer imposed by this chapter an amount equal to twenty-five percent of the costs incurred by the taxpayer in the purchase and installation of a geothermal heat pump system in or on a facility in South Carolina that is owned by the taxpayer. The tax credit allowed by this section must not be claimed before the completion of the installation. The amount of the credit in any year may not exceed three thousand five hundred dollars for each facility or fifty percent of the taxpayer's tax liability for that taxable year, whichever is less. If the amount of the credit exceeds three thousand five hundred dollars for each facility, the taxpayer may carry forward the excess for up to ten years.
(B) 'System' includes all controls, tanks, pumps, heat exchangers, and other equipment used directly and exclusively for the geothermal heat pump system. The term 'system' does not include any land or structural elements of the building such as walls and roofs or other equipment ordinarily contained in the structure.
(C) For purposes of this section, 'geothermal heat pump system' means a system that uses the ground or groundwater as a thermal energy source to heat a structure or as a thermal energy sink to cool a structure."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Monday, October 10, 2011 at 12:16 P.M.