Indicates Matter Stricken

Indicates New Matter

 

Committee Report

February 28, 2024

 

H. 3811

 

Introduced by Rep. Elliott

 

S. Printed 02/28/24--S.

Read the first time May 23, 2023

 

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The committee on Senate Finance

To whom was referred a Bill (H. 3811) to amend the South Carolina Code of Laws by amending Section 12-6-3585, relating to the Industry Partnership Fund tax credit, so as to provide for an increase in, etc., respectfully

Report:

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

 

HARVEY S. PEELER, JR. for Committee.

 

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A bill

 

to amend the South Carolina Code of Laws by amending Section 12-6-3585, relating to THE Industry Partnership Fund tax credit, so as to provide for an increase in the aggregate credit from nine million to twelve million dollars for tax years after 2022.

 

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

 

SECTION 1.  Section 12-6-3585(A) of the S.C. Code is amended to read:

 

    (A) For each tax year beginning after 2020 2022, a taxpayer may claim as a credit against state income tax imposed by Chapter 6, Title 12, bank tax imposed by Chapter 11, Title 12, license fees imposed by Chapter 20, Title 12, or insurance premiums imposed by Chapter 7, Title 38, or any combination of them, one hundred percent of an amount contributed to the Industry Partnership Fund at the South Carolina Research Authority (SCRA), or an SCRA designated affiliate, or both, pursuant to Section 13-17-88(E), up to a maximum credit of five hundred thousand dollars for a single taxpayer, not to exceed an aggregate credit of nine twelve million dollars for all taxpayers.  If the aggregate credit of nine twelve million dollars for all taxpayers is not met within sixty days of the annual opening date for the application for the credit, the single taxpayer maximum credit is automatically increased to one million dollars for the remainder of that year until the maximum aggregate credit of nine twelve million dollars is met.  For purposes of determining a taxpayer's entitlement to the credit for qualified contributions for a given tax year in which more than the applicable aggregate annual limit on the credit is contributed by taxpayers for that year, taxpayers who have made contributions that are intended to be qualified contributions earlier in the applicable tax year than other taxpayers must be given priority entitlement to the credit.  The SCRA shall certify to taxpayers who express a bona fide intention of making one or more qualified contributions as to whether the taxpayer is entitled to that priority.

 

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

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