Bill Text: SC H5009 | 2015-2016 | 121st General Assembly | Comm Sub
Bill Title: Textiles communities revitalization income tax credit
Spectrum: Slight Partisan Bill (Republican 8-3)
Status: (Passed) 2016-05-27 - Act No. 179 [H5009 Detail]
Download: South_Carolina-2015-H5009-Comm_Sub.html
COMMITTEE REPORT
April 20, 2016
H. 5009
Introduced by Reps. Cole, Tallon, Hicks, Brannon, Allison, Chumley, Clary, Forrester, Mitchell and King
S. Printed 4/20/16--H.
Read the first time February 25, 2016.
To whom was referred a Bill (H. 5009) to amend Section 12-65-30, Code of Laws of South Carolina, 1976, relating to the textiles communities revitalization income tax credit, so as to delete, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
W. BRIAN WHITE for Committee.
A BILL
TO AMEND SECTION 12-65-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TEXTILES COMMUNITIES REVITALIZATION INCOME TAX CREDIT, SO AS TO DELETE A PROVISION THAT LIMITS THE CREDIT TO FIFTY PERCENT OF CERTAIN LIABILITY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-65-30(C)(5) of the 1976 Code is amended to read:
"(5) The credit allowed by this subsection is limited in use to fifty percent of each of the following:
(a) the taxpayer's income tax liability for the taxable year if taxpayer claims the credit allowed by this section as a credit against income tax imposed pursuant to Chapter 6 or Chapter 11 of this title;
(b) the taxpayer's corporate license fees for the taxable year if the taxpayer claims the credit allowed by this section as a credit against license fees imposed pursuant to Chapter 20; or
(c) the taxpayer's insurance premium taxes imposed by Chapter 7, Title 38 Reserved."
SECTION 2. This act takes effect upon approval by the Governor and first applies to credits claimed for income tax year 2016, regardless of when the credit was earned.
