TO AMEND ARTICLE 25, CHAPTER 6, TITLE 12 OF THE 1976 CODE, RELATING TO TAX CREDITS, TO CREATE SECTION 12-6-3800 TO ALLOW FOR A TAXPAYER ELIGIBLE FOR A FEDERAL LOW-INCOME HOUSING TAX CREDIT TO CLAIM A LOW-INCOME STATE TAX CREDIT IN AN AMOUNT EQUAL TO THE FEDERAL TAX CREDIT.

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

SECTION    1.    Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:

"Section 12-6-3800.    A taxpayer entitled to a low-income housing tax credit pursuant to 26 U.S.C. Section 38 may claim as a credit an amount equal to the credit determined pursuant to 26 U.S.C. Section 42."

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