INTRODUCED

April 28, 2016

H. 5009

Introduced by Reps. Cole, Tallon, Hicks, Brannon, Allison, Chumley, Clary, Forrester, Mitchell, King and W.J. McLeod

S. Printed 4/28/16--S.

Read the first time April 28, 2016.

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.