Indicates Matter Stricken

Indicates New Matter

 

Committee Report

March 30, 2023

H. 4118

Introduced by Reps. Weeks, Gagnon, Alexander, Dillard, W. Jones and Gatch

 

S. Printed 03/30/23--H.

Read the first time March 09, 2023

 

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The committee on House Ways and Means

To who was referred a Bill (H. 4118) to amend the South Carolina Code of Laws by amending Section 12-6-3530, relating to Community Development Tax Credits, so as to extend the credit and to provide, etc., respectfully

Report:

That they have duly and carefully considered the same, and recommend that the same do pass with amendment:

 

Amend the bill, as and if amended, by deleting SECTION 1.

Amend the bill further, by striking SECTION 3 and inserting:

SECTION 3.  This act takes effect upon approval by the Governor.

Renumber sections to conform.

Amend title to conform.

 

BRUCE BANNISTER for Committee.

 

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A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-3530, RELATING TO COMMUNITY DEVELOPMENT TAX CREDITS, SO AS TO EXTEND THE CREDIT AND TO PROVIDE FOR AN INCREASE IN THE CREDIT AMOUNT; AND TO EXTEND THE PROVISIONS OF ACT 314 OF 2000.

 

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

 

SECTION 1.  Section 12-6-3530(B) of the S.C. Code is amended to read:

 

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

       (3) 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 million 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.  Section 4 of Act 314 of 2000 is amended to read:

 

    SECTION 4.  Unless reauthorized by the General Assembly, the provisions of this act shall terminate on June 30, 2023 2029, and this act and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date.

 

SECTION 3.  This act takes effect upon approval by the Governor and first applies to tax years beginning after 2022.

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