H*4312(Rat #0371, Act #0312 of 2006)  General Bill, By Merrill, Bailey, Altman, 
Coates, Brady, Mahaffey, Funderburk, Ballentine, J.E. Smith and Herbkersman
 AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
 12-6-3377 SO AS TO ALLOW A STATE INCOME TAX CREDIT EQUAL TO TWENTY PERCENT OF
 CERTAIN NEW HYBRID, FUEL CELL, ALTERNATIVE FUEL, OR LEAN BURN TECHNOLOGY MOTOR
 VEHICLE CREDITS ALLOWED AGAINST A TAXPAYER'S FEDERAL INCOME TAX LIABILITY. -
 ratified title

   11/16/05  House  Prefiled
   11/16/05  House  Referred to Committee on Ways and Means
   01/10/06  House  Introduced and read first time HJ-27
   01/10/06  House  Referred to Committee on Ways and Means HJ-27
   01/10/06  House  Member(s) request name added as sponsor: Funderburk
   04/20/06  House  Committee report: Favorable with amendment Ways
                     and Means HJ-12
   04/25/06  House  Member(s) request name added as sponsor:
                     Ballentine, J.E.Smith, Herbkersman
   04/25/06  House  Amended HJ-113
   04/25/06  House  Read second time HJ-114
   04/26/06  House  Read third time and sent to Senate HJ-21
   04/26/06  Senate Introduced and read first time SJ-6
   04/26/06  Senate Referred to Committee on Finance SJ-6
   05/05/06  Senate Referred to Subcommittee: O'Dell (ch), Peeler,
                     Reese, Short, Fair, Verdin
   05/17/06  Senate Committee report: Favorable with amendment Finance SJ-9
   05/18/06  Senate Amended SJ-68
   05/18/06  Senate Read second time SJ-68
   05/19/06         Scrivener's error corrected
   05/23/06  Senate Amended SJ-12
   05/23/06  Senate Read third time and returned to House with
                     amendments SJ-12
   05/25/06  House  Concurred in Senate amendment and enrolled HJ-46
   05/31/06         Ratified R 371
   06/01/06         Signed By Governor
   06/06/06         Copies available
   06/06/06         Effective date See Act for Effective Date
   06/08/06         Act No. 312

(A312, R371, H4312)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3377 SO AS TO ALLOW A STATE INCOME TAX CREDIT EQUAL TO TWENTY PERCENT OF CERTAIN NEW HYBRID, FUEL CELL, ALTERNATIVE FUEL, OR LEAN BURN TECHNOLOGY MOTOR VEHICLE CREDITS ALLOWED AGAINST A TAXPAYER'S FEDERAL INCOME TAX LIABILITY.

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

State income tax credit

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

"Section 12-6-3377.    (A)    A South Carolina resident taxpayer who is eligible for and claims the new qualified fuel cell motor vehicle credit, the new advanced lean burn technology motor vehicle credit, the new qualified hybrid motor vehicle credit based on the combined city/highway metric or standard set by federal Internal Revenue Code Section 30B, and the new qualified alternative fuel motor vehicle credit allowed pursuant to Internal Revenue Code Section 30B is allowed a credit against the income taxes imposed pursuant to this chapter in an amount equal to twenty percent of that federal income tax credit. The credit allowed by this section is nonrefundable and if the amount of the credit exceeds the taxpayer's liability for the applicable taxable year, any unused credit may be carried forward and claimed in the five succeeding taxable years.

(B)    The credit amount allowed by this section must be calculated without regard to the phaseout period limits of Internal Revenue Code Section 30B(f) and for purposes of the credits allowed pursuant to this section, the provisions of Internal Revenue Code Section 30B are deemed permanent law."

Time effective and applicability

SECTION    2.    This act takes effect upon approval by the Governor and applies for taxable years beginning after 2005.

Ratified the 31st day of May, 2006.

Approved the 1st day of June, 2006.