South Carolina General Assembly
123rd Session, 2019-2020

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Indicates Matter Stricken
Indicates New Matter

S. 879

STATUS INFORMATION

General Bill
Sponsors: Senator Cromer
Document Path: l:\council\bills\rt\17670sa20.docx
Companion/Similar bill(s): 424, 4133

Introduced in the Senate on January 14, 2020
Currently residing in the Senate Committee on Finance

Summary: Community development tax credit

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/11/2019  Senate  Prefiled
  12/11/2019  Senate  Referred to Committee on Finance
   1/14/2020  Senate  Introduced and read first time (Senate Journal-page 24)
   1/14/2020  Senate  Referred to Committee on Finance (Senate Journal-page 24)

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/11/2019

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

A BILL

TO AMEND SECTION 12-6-3530, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO COMMUNITY DEVELOPMENT TAX CREDITS, SO AS TO DELETE AN AGGREGATE CREDIT PROVISION AND SET AN ANNUAL LIMIT.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 12-6-3530(B) of the 1976 Code, as last amended by Act 77 of 2019, is further amended to read:

    "(B)(1)    The total amount of credits allowed pursuant to this section may not exceed in the aggregate five million dollars for all taxpayers and all calendar years and one million dollars for all taxpayers in one calendar year.

        (2)    Notwithstanding item (1), the aggregate limit for all taxpayers in all tax years set forth in item (1) is increased by one million dollars. This additional one million dollars may only be used for credits earned and certificates issued in tax years beginning after 2018:

        (1)    two million dollars for all taxpayers in tax year 2020; and

        (2)    three million dollars for all taxpayers in tax years after 2020."

SECTION    2.    This act takes effect upon approval by the Governor.

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This web page was last updated on January 17, 2020 at 4:06 PM