Current Status Bill Number:4248 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970529 Primary Sponsor:Bowers All Sponsors:Bowers Drafted Document Number:dka\4301mm.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax credit, property tax exemption, new businesses in state; Taxation, Businesses and Corporations
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19970529 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-1230 SO AS TO ALLOW AN INCOME TAX CREDIT TO CERTAIN NEW BUSINESSES IN THIS STATE FOR SOCIAL SECURITY TAXES PAID ON AN EMPLOYEE'S WAGES; AND TO AMEND SECTION 12-37-220, AS AMENDED, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO GRANT AN EXEMPTION TO CERTAIN NEW BUSINESSES IN THIS STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 12-6-1230. A business which initiates operation in this State after July 1, 1997, or had been in operation less than twelve months before that date, and has not or does not qualify for economic assistance, tax credits, or other incentives available pursuant to any other economic development act provided in this State may claim a credit against income taxes for the first five years of its operation in an amount equal to the Social Security taxes paid by the business on its employees' wages."
SECTION 2. Section 12-37-220(B) of the 1976 Code, as last amended by Act 462 of 1996, is further amended by adding an appropriately numbered item to read:
"( ) personal property otherwise taxable except that it is owned by a business which initiates operation in this State after July 1, 1997, or had been in operation less than twelve months before that date, and has not or does not qualify for economic assistance, tax credits, or other incentives available pursuant to any other economic development act provided in this State. This exemption is effective for the first five years of its operation."
SECTION 3. Upon approval by the Governor, this act takes effect July 1, 1997.