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Indicates Matter Stricken
Indicates New Matter
Sponsors: Rep. Moore
Document Path: l:\council\bills\jn\3139ph20.docx
Introduced in the House on January 14, 2020
Currently residing in the House Committee on Ways and Means
Summary: Tax credit
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 11/20/2019 House Prefiled 11/20/2019 House Referred to Committee on Ways and Means 1/14/2020 House Introduced and read first time (House Journal-page 70) 1/14/2020 House Referred to Committee on Ways and Means (House Journal-page 70)
View the latest legislative information at the website
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3810 SO AS TO ALLOW A STATE TAX CREDIT TO U.S. MANUFACTURERS HIRING AN UNEMPLOYED INDIVIDUAL RECEIVING UNEMPLOYMENT COMPENSATION BENEFITS, TO PROVIDE THE AMOUNT OF THE CREDIT, THOSE TAXES AGAINST WHICH THE CREDIT IS ALLOWED, AND TO PROVIDE FOR THE ADMINISTRATION OF THE CREDIT.
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 12-6-3810. (A) A 'creditable employee' means an employee of a U.S. manufacturer, as defined by Section 12-37-1310, who:
(1) is first employed by the U.S. manufacturer after June 30, 2020, and before July 1, 2021;
(2) has filed a claim for unemployment compensation benefits in this State and is currently receiving weekly unemployment compensation benefits on that claim for at least four weeks;
(3) was unemployed immediately before becoming employed with a U.S. manufacturer;
(4) has no return to work date or promise of future employment;
(5) remains employed by the U.S. manufacturer for at least four consecutive work weeks and the employment with that U.S. manufacturer consists of at least thirty-five hours a week; and
(6) executes and provides a notarized affidavit swearing or affirming that the employee is eligible to work in the United States because the person is either a United States citizen or a lawfully present alien according to federal law.
(B) A U.S. manufacturer who has one or more creditable employees is eligible to apply for and receive a credit against the taxes set forth in subsection (C). The amount of the credit is one hundred dollars for each eligible employee. Eligibility for the credit must be established as of the time the creditable employee completes thirty consecutive days of employment and the credit must be claimed for the taxable year in which the employment was completed.
(C) The credit allowed pursuant to this section may be taken against the income taxes imposed pursuant to this chapter, the bank tax imposed pursuant to Chapter 11 of this title, the savings and loan association tax imposed pursuant to Chapter 13 of this title, the corporate license tax imposed pursuant to Chapter 20 of this title, and insurance premium taxes imposed pursuant to Chapter 7, Title 38.
(D) The total amount of the tax credit for a taxable year may not exceed the taxpayer's liability. Any unused credit may be carried over to apply to the taxpayer's succeeding year's liability.
(E) The tax credit provided for in subsection (B) remains in effect for twenty-four consecutive months for each creditable employee.
(F) The department may prescribe forms and promulgate regulations necessary to implement the provisions of this section, including requiring the necessary documentation to prove eligibility."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on January 15, 2020 at 1:55 PM