Current Status Introducing Body:House Bill Number:4652 Primary Sponsor:Gentry Committee Number:30 Type of Legislation:GB Subject:Jobs tax credit, corporate; provisions Residing Body:House Current Committee:Ways and Means Computer Document Number:CYY/19001.SD Introduced Date:Apr 01, 1992 Last History Body:House Last History Date:Apr 01, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Gentry Type of Legislation:General Bill
Bill Body Date Action Description CMN
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4652 House Apr 01, 1992 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 12-7-1220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CORPORATE TAX CREDIT FOR NEW JOBS, SO AS TO PROVIDE THAT INDIVIDUALS, PARTNERSHIPS, QUALIFYING SUBCHAPTER "S" CORPORATIONS AND OTHER ENTITIES OPERATING IN A MANNER THAT DOES NOT SUBJECT THEM TO CORPORATE INCOME TAXES IS NEVERTHELESS ENTITLED TO THE JOBS TAX CREDIT AGAINST INDIVIDUAL INCOME TAXES, AND TO PROVIDE THAT NEW JOBS CREATED AFTER THE YEAR 1985 QUALIFY FOR THE INDIVIDUAL INCOME TAX CREDIT WHICH MUST BE TAKEN PROSPECTIVELY IN THE MANNER STIPULATED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-1220 of the 1976 Code is amended by adding subsection (J):
"(J) Any individual, partnership, qualifying subchapter `S' corporation, or other entity operating in a manner that does not subject it to corporate income taxes imposed under Section 12-7-230 or to insurance premium taxes imposed under Chapter 7 of Title 38, is nevertheless entitled a credit against individual income taxes imposed pursuant to Section 12-7-210 in the same manner and under the same terms and conditions that corporate taxpayers receive a tax credit under this section. The partners of a partnership, the shareholders of a qualifying subchapter `S' corporation, and the taxpayers of any other entity with multiple taxpayers may claim their proportionate share of the credit against the tax imposed pursuant to Section 12-7-210."
SECTION 2. The provisions of Section 12-7-1220(J) of the 1976 Code, as added by Section 1 of this act, are retroactive to the year 1985 except that any individual income tax credits to which a taxpayer may be entitled as a result of new full-time jobs created on or before December 31, 1991, must be taken as follows:
Credit Taken Over
Jobs Created Five Years
in Year Beginning in Year
1989 or before 1992
19901993
19911994
SECTION 3. This act takes effect upon approval by the Governor.