Current Status Introducing Body:House Bill Number:4397 Primary Sponsor:Wilkes Type of Legislation:GB Subject:Water control protection, tax credit Residing Body:Senate Computer Document Number:NO5/8023.BD Introduced Date:Feb 12, 1992 Date of Last Amendment:Mar 26, 1992 Last History Body:Senate Last History Date:Jun 03, 1992 Last History Type:Read second time Scope of Legislation:Statewide All Sponsors:Wilkes Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
4397 Senate Jun 03, 1992 Read second time
4397 Senate Jun 03, 1992 Recalled from Committee 06
4397 Senate Mar 30, 1992 Introduced, read first time, 06
referred to Committee
4397 House Mar 27, 1992 Read third time, sent to
Senate
4397 House Mar 26, 1992 Amended, read second time,
unanimous consent for third
reading on Friday, March 27,
1992
4397 House Mar 18, 1992 Committee Report: Favorable 20
with amendment
4397 House Feb 12, 1992 Introduced, read first time, 20
referred to Committee
View additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
RECALLED
June 3, 1992
H. 4397
S. Printed 6/3/92--S.
Read the first time March 30, 1992.
TO AMEND SECTION 12-7-1225, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX CREDITS FOR THE CONSTRUCTION AND INSTALLATION OR RESTORATION OF WATER IMPOUNDMENTS AND WATER CONTROL STRUCTURES, SO AS TO PROVIDE A CREDIT FOR STRUCTURES DESIGNED FOR WATER QUALITY PROTECTION AND IMPROVEMENT AND PROVIDE REQUIREMENTS FOR PROOF OF EXEMPTION FROM PERMIT REQUIREMENTS.
Whereas, South Carolina is blessed with abundant rainfall and other water resources which must be protected to insure an adequate safe supply for the citizens and industries of the State; and
Whereas, the water storage and control structures exempt from the permit requirements of the State Land Resources Conservation Commission, or its agent, the local soil and water conservation district, must be constructed to meet the minimum guidelines provided in this act. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-1225 of the 1976 Code is amended to read:
"Section 12-7-1225. A taxpayer may claim as a credit twenty-five percent of all expenditures, to a maximum of two thousand five hundred dollars made in each tax year, for the construction and installation or restoration of ponds, lakes, and other water impoundments, and water control structures designed for the purposes of water storage for irrigation, water supply, sediment control, erosion control, or aquaculture and wildlife management, or stormwater management. This tax credit does not apply to any a pond, a lake, or other another water impoundment or water control structure located in or adjacent to and filled primarily by coastal waters of the State.
To qualify for this credit the taxpayer must shall obtain a construction permit issued by the South Carolina State Land Resources Conservation Commission, or its agent, the local soil and water conservation district, or proof of exemption from permit requirements issued by either of the above these agencies, as provided in the South Carolina Dam Dams and Reservoir Reservoirs Safety Act, (Article 3, of Chapter 11 of Title 49).
Proof of exemption from permit requirements must be issued for dams not requiring permits which are constructed in compliance with designs prepared by the Soil Conservation Service or a registered professional engineer or constructed according to minimum guidelines developed by the commission. Adherence to the minimum guidelines must be verified in the field by the commission, or its agent, the local soil and water conservation district, before issuance of the exemption form.
If the amount for such the credit exceeds the taxpayer's tax liability for such the taxable year, the amount which exceeds such the tax liability may be carried over for credit against income taxes in the next five succeeding taxable years until the total amount of the tax credit has been taken."
SECTION 2. This act, upon approval by the Governor, is effective for taxable years beginning after 1992.