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H. 4703
STATUS INFORMATION
General Bill
Sponsors: Rep. S. Rivers
Document Path: l:\council\bills\agm\19283dg18.docx
Introduced in the House on January 24, 2018
Currently residing in the House Committee on Ways and Means
Summary: SC Natural Gas Pipelines Initiative Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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1/24/2018 House Introduced and read first time (House Journal-page 74)
1/24/2018 House Referred to Committee on Ways and Means
(House Journal-page 74)
View the latest legislative information at the website
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO ENACT THE "SOUTH CAROLINA NATURAL GAS PIPELINES INITIATIVE ACT"; TO AMEND SECTION 12-6-2320, RELATING TO ALLOCATION AND APPORTIONMENT OF INCOME, SO AS TO AUTHORIZE THE DEPARTMENT OF REVENUE TO ENTER INTO AN AGREEMENT ESTABLISHING THE ALLOCATION AND APPORTIONMENT OF THE INCOME OF A TAXPAYER THAT BUILDS OR EXPANDS A NATURAL GAS PIPELINE AND INVESTS AT LEAST TEN MILLION DOLLARS; AND TO AMEND SECTION 12-36-2120, AS AMENDED, RELATING TO EXEMPTIONS FROM THE STATE SALES TAX, SO AS TO EXEMPT BUILDING MATERIALS NECESSARY TO BUILD OR EXPAND NATURAL GAS PIPELINES IN THIS STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. This act may be cited as the "South Carolina Natural Gas Pipelines Initiative Act".
SECTION 2. A. Section 12-6-232(B)(3)(a) of the 1976 Code is amended to read:
"(a)(i) the taxpayer is planning a new facility in this State or an expansion of an existing facility and the new or expanded facility results in a total investment of at least ten million dollars and the creation of at least two hundred new full-time jobs, with an average cash compensation level for the new jobs of more than three times the per capita income of this State at the time the jobs are filled which must be within five years of the Advisory Coordinating Council for Economic Development's certification. Per capita income for the State shall be determined by using the most recent data available from the Revenue and Fiscal Affairs Office; or
(ii) the taxpayer is planning a new facility in this State and invests at least seven hundred fifty million dollars in real or personal property or both in a single county in this State and creates at least three thousand eight hundred full-time new jobs, as those terms are defined in Section 12-6-3360(M), within the county. The taxpayer has seven years from the date it makes the notification provided for in subitem (b) of this item to make the required investment and create the required number of jobs; or
(iii) the taxpayer is planning to build or expand natural gas pipelines and invest at least ten million dollars;"
B. This section applies to tax years beginning after 2017.
SECTION 3. A. Section 12-36-2120 of the 1976 Code, as last amended by Act 40 of 2017, is further amended by adding an appropriately numbered item to read:
"( ) building materials necessary to build or expand natural gas pipelines in this State. The department may promulgate regulations necessary to administer the provisions of this item, including the issuance of exemption certificates."
B. This section takes effect July 1, 2018.
SECTION 4. Except where otherwise provided, this act takes effect upon approval by the Governor.
This web page was last updated on
January 26, 2018 at 2:51 PM