Current Status Introducing Body:Senate Bill Number:1291 Ratification Number:371 Act Number:331 Primary Sponsor:Pope Type of Legislation:GB Subject:Job tax credit, "new job" Date Bill Passed both Bodies:Apr 16, 1992 Computer Document Number:CYY/18792.SD Governor's Action:S Date of Governor's Action:May 04, 1992 Introduced Date:Feb 11, 1992 Date of Last Amendment:Apr 15, 1992 Last History Body:------ Last History Date:May 04, 1992 Last History Type:Act No. 331 Scope of Legislation:Statewide All Sponsors:Pope Type of Legislation:General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 1291 ------ May 04, 1992 Act No. 331 1291 ------ May 04, 1992 Signed by Governor 1291 ------ Apr 28, 1992 Ratified R 371 1291 Senate Apr 16, 1992 Concurred in House amendment, enrolled for ratification 1291 House Apr 15, 1992 Amended, read third time, returned to Senate with amendments 1291 House Apr 09, 1992 Read second time 1291 House Mar 26, 1992 Committee Report: Favorable 30 1291 House Feb 18, 1992 Introduced, read first time, 30 referred to Committee 1291 Senate Feb 13, 1992 Amended, read third time, sent to House 1291 Senate Feb 12, 1992 Read second time, ordered to third reading with notice of general amendments 1291 Senate Feb 11, 1992 Introduced, read first time, placed on Calendar without referenceView additional legislative information at the LPITS web site.
(A331, R371, S1291)
AN ACT TO AMEND SECTION 12-7-1220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TAX CREDIT FOR NEW JOBS IN CERTAIN COUNTIES, SO AS TO REVISE THE DEFINITION OF THE TERM "NEW JOB" TO INCLUDE 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.
Be it enacted by the General Assembly of the State of South Carolina:
New job tax credit, definition of new job revised
SECTION 1. Section 12-7-1220(H)(1) of the 1976 Code is amended to read:
"(1) `New job' means a job created by an employer in South Carolina at the time a new facility or an expansion initially is staffed but does not include a job created when an employee is shifted from an existing South Carolina location 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."
Time effective
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 4th day of May, 1992.