South Carolina Senate Bill 892 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 14 2014 - 25% progression, died in chamber
Action: 2014-01-15 - Committed to Committee on Finance
Text: Latest bill text (Introduced) [HTML]

Provide A Credit Against Insurance Premium Taxes And Possible Other States Taxes Made In Certain Investments Made 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 Such 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

Sen. Paul Campbell [R]

Date	Chamber	Action
2014-01-15	Senate	Committed to Committee on Finance
2014-01-15	Senate	Recalled from Committee on Banking and Insurance
2014-01-14	Senate	Referred to Committee on Banking and Insurance
2014-01-14	Senate	Introduced and read first time
2013-12-17	Senate	Referred to Committee on Banking and Insurance
2013-12-17	Senate	Prefiled

H4778 (Similar To) 2014-02-25 - Referred to Committee on Ways and Means

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=0892&session=120&summary=B
Text	https://www.scstatehouse.gov/sess120_2013-2014/prever/892_20131217.htm