Bill Text: SC S0521 | 2023-2024 | 125th General Assembly | Introduced

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Bill Title: Community development tax credits

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2023-02-09 - Referred to Committee on Finance [S0521 Detail]

Download: South_Carolina-2023-S0521-Introduced.html

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South Carolina General Assembly
125th Session, 2023-2024

Bill 521

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Indicates Matter Stricken
Indicates New Matter

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-3530, RELATING TO COMMUNITY DEVELOPMENT TAX CREDITS, SO AS TO EXTEND THE CREDIT AND TO PROVIDE FOR AN INCREASE IN THE CREDIT AMOUNT.

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

SECTION 1.   Section 12-6-3530(B) of the S.C. Code is amended to read:

   (B)(1) The total amount of credits allowed pursuant to this section may not exceed in the aggregate five fifteen million dollars for all taxpayers and all calendar years and one three million dollars for all taxpayers in one calendar year.

      (2) Notwithstanding item (1), the aggregate limit for all taxpayers in all tax years set forth in item (1) is increased by one million dollars. This additional one million dollars may only be used for credits earned and certificates issued in tax years beginning after 2018.

      (3) Notwithstanding items (1) and (2), the aggregate limit for all taxpayers in all tax years set forth in items (1) and (2) is increased by three million dollars. Of this additional three million dollars, only one million dollars may be used for credits earned and certificates issued in tax year 2021, and the remaining two million dollars only may be used for credits earned and certificates issued for tax years beginning after 2021.

SECTION 2.   Section 4 of Act 314 of 2000 is amended to read:

   SECTION 4.   Unless reauthorized by the General Assembly, the provisions of this act shall terminate on June 30, 2023 2029, and this act and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date.

SECTION 3.   This act takes effect upon approval by the Governor and first applies to tax years beginning after 2022.

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This web page was last updated on February 09, 2023 at 11:36 AM