South Carolina General Assembly
124th Session, 2021-2022

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S. 436

STATUS INFORMATION

General Bill
Sponsors: Senators Cromer, Shealy, Rice, Talley, K. Johnson, Scott, Turner, Alexander and Gambrell
Document Path: l:\council\bills\nbd\11133sa21.docx
Companion/Similar bill(s): 4093

Introduced in the Senate on January 12, 2021
Introduced in the House on April 13, 2021
Last Amended on April 7, 2021
Currently residing in the House Committee on Ways and Means

Summary: Community development tax credits

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/12/2021  Senate  Introduced and read first time (Senate Journal-page 311)
   1/12/2021  Senate  Referred to Committee on Finance 
                        (Senate Journal-page 311)
   3/31/2021  Senate  Committee report: Favorable with amendment Finance 
                        (Senate Journal-page 8)
    4/1/2021          Scrivener's error corrected
    4/7/2021  Senate  Committee Amendment Adopted (Senate Journal-page 52)
    4/7/2021  Senate  Read second time (Senate Journal-page 52)
    4/7/2021  Senate  Roll call Ayes-43  Nays-0 (Senate Journal-page 52)
    4/8/2021  Senate  Read third time and sent to House 
                        (Senate Journal-page 38)
   4/13/2021  House   Introduced and read first time (House Journal-page 8)
   4/13/2021  House   Referred to Committee on Ways and Means 
                        (House Journal-page 8)

View the latest legislative information at the website

VERSIONS OF THIS BILL

1/12/2021
3/31/2021
4/1/2021
4/7/2021

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

Indicates Matter Stricken

Indicates New Matter

COMMITTEE AMENDMENT ADOPTED

April 7, 2021

S. 436

Introduced by Senators Cromer, Shealy, Rice, Talley, K. Johnson, Scott, Turner, Alexander and Gambrell

S. Printed 4/7/21--S.

Read the first time January 12, 2021.

            

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.

Amend Title To Conform

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 by adding an appropriately numbered item to read:

"( )    Notwithstanding items (1) and (2), the aggregate limit for all taxpayers in all tax years set forth in items (1) and (2) is increased by three million dollars. Of this additional three million dollars, only one millions dollars may be used for credits earned and certificates issued in tax year 2021, and the remaining two million dollars only may be used for credits earned and certificates issued for tax years beginning after 2021."

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

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This web page was last updated on April 14, 2021 at 8:55 AM