H*4491(Rat #0376, Act #0394 of 2006)  General Bill, By Herbkersman
 AN ACT 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 REVISE THE DEFINITION
 OF "QUALIFYING SERVICE-RELATED FACILITY" WITH RESPECT TO COMPENSATION
 REQUIREMENTS. - ratified title

   01/24/06  House  Introduced and read first time HJ-10
   01/24/06  House  Referred to Committee on Ways and Means HJ-10
   02/09/06  House  Recalled from Committee on Ways and Means HJ-19
   02/14/06  House  Read second time HJ-37
   02/15/06  House  Read third time and sent to Senate HJ-14
   02/16/06  Senate Introduced and read first time SJ-14
   02/16/06  Senate Referred to Committee on Finance SJ-14
   05/12/06  Senate Referred to Subcommittee: O'Dell (ch), Peeler,
                     Reese, Short, Fair, Verdin
   05/17/06  Senate Committee report: Favorable Finance SJ-12
   05/18/06  Senate Read second time SJ-53
   05/23/06  Senate Read third time and enrolled SJ-7
   05/31/06         Ratified R 376
   06/06/06         Vetoed by Governor
   06/14/06  House  Veto overridden by originating body Yeas-96 
                     Nays-6 HJ-106
   06/14/06  Senate Veto overridden Yeas-44  Nays-1 SJ-124
   06/21/06         Copies available
   06/21/06         Effective date 06/14/06
   06/28/06         Act No. 394

(A394, R376, H4491)

AN ACT 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 REVISE THE DEFINITION OF "QUALIFYING SERVICE-RELATED FACILITY" WITH RESPECT TO COMPENSATION REQUIREMENTS.

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

Definition revised

SECTION    1.    Section 12-6-3360(M)(13)(b) of the 1976 Code is amended to read:

"(b)    a business, other than a business engaged in legal, accounting, or investment services or retail sales, which has a net increase of at least:

(i)        two hundred fifty jobs at a single location;

(ii)    one hundred twenty-five jobs at a single location and the jobs have an average cash compensation level of more than one and one-half times the lower of state per capita income or per capita income in the county where the jobs are located;

(iii)    seventy-five jobs at a single location and the jobs have an average cash compensation level of more than twice the lower of state per capita income or per capita income in the county where the jobs are located; or

(iv)    thirty jobs at a single location and the jobs have an average cash compensation level of more than two and one-half times the lower of state per capita income or per capita income in the county where the jobs are located.

A taxpayer shall use the most recent per capita income data available as of the end of the taxable year in which the jobs are filled. Determination of the required number of jobs is in accordance with the monthly average described in subsection (F)."

Time effective

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

Ratified the 31st day of May, 2006.

Vetoed by the Governor -- 6/6/06.

Veto overridden by House -- 6/14/06.

Veto overridden by Senate -- 6/14/06.