Current Status Bill Number:3982 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970410 Primary Sponsor:Battle All Sponsors:Battle, M. Hines and Miller Drafted Document Number:kgh\15085htc.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Job tax credit, targeted; new job to include qualifying job filled by leased employee; Businesses and Corporations
Body Date Action Description Com Leg Involved
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House 19970410 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 12-6-3360, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TARGETED JOBS TAX CREDIT, SO AS TO DEFINE "NEW JOB" TO INCLUDE OTHERWISE QUALIFYING JOBS FILLED BY LEASED EMPLOYEES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3360(M)(3) of the 1976 Code, as last amended by Section 9A, Act 462 of 1996, is further amended to read:
"(3) 'New job' means a job created in this State at the time a new facility or an expansion is initially staffed. The term does not include a job created when an employee is shifted from an existing location in this State to a new or expanded facility. The term 'new job' also includes existing jobs at a facility of an employer which are reinstated after the employer has rebuilt the facility due to its destruction by accidental fire, natural disaster, or act of God. Destruction for purposes of this provision means that more than fifty percent of the facility was destroyed. The year of reinstatement is considered to be the year of creation of the job. All such jobs so reinstated qualify for the credit under this section, and no comparison is required to be made between the number of full-time jobs of the employer in the taxable year and the number of full-time jobs of the employer with the corresponding period of the prior taxable year. The term 'new job' also includes otherwise qualifying jobs filled by assigned employees pursuant to staff leasing agreements as defined in Chapter 68 of Title 40."
SECTION 2. This act takes effect upon approval by the Governor.