South Carolina House Bill 4778 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on February 25 2014 - 25% progression, died in committee
Action: 2014-02-25 - Referred to Committee on Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [HTML]

Enact The "south Carolina New Market Jobs Act" To Provide A Credit Against Insurance Premium Taxes And Possible Other States Taxes Made In Certain Investments By Community Development Entities, Providing Investment Capital For A Qualified Active Low Income Community Small Business Located In This State, To Model This State Insurance Premium Tax Credit On The Federal New Markets Tax Credit Program Providing Federal Income Tax Credits For Such Investments But Limited To Investments In This State, To Adopt Federal Definitions As Applicable For The Credit But Modified To Reflect The Particular South Carolina Application Of The Credits, To Provide A Maximum Initial Individual Investment, A Maximum Overall Limit For All Such Investments Eligible For The Credit, And An Annual Maximum Amount Of Credit That May Be Claimed, To Provide That These Credits Apply Over Seven Years And Are Nonrefundable And Not Saleable, To Require Fees For Processing Applications For Such Credits And For Recapture Of The Credits If Qualifications Are Not Maintained, To Provide For Letter Rulings By The Department Of Revenue When Federal Regulations Do Not Provide Specific Guidance, And To Provide Other Limitations And Restrictions And Reporting Requirements.

New Market Jobs Act

Rep. James Smith [D]

Rep. Gilda Cobb-Hunter [D]

Rep. William Herbkersman [R]

Rep. Murrell Smith [R]

Date	Chamber	Action
2014-02-25	House	Referred to Committee on Ways and Means
2014-02-25	House	Introduced and read first time

S0892 (Similar To) 2014-01-15 - Committed to Committee on Finance

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=4778&session=120&summary=B
Text	https://www.scstatehouse.gov/sess120_2013-2014/prever/4778_20140225.htm