South Carolina General Assembly
115th Session, 2003-2004

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H. 4847

STATUS INFORMATION

General Bill
Sponsors: Reps. J.R. Smith, Clark, Clyburn, Perry and D.C. Smith
Document Path: l:\council\bills\ggs\22481htc04.doc
Companion/Similar bill(s): 1000

Introduced in the House on February 26, 2004
Introduced in the Senate on April 14, 2004
Last Amended on May 20, 2004
Currently residing in the Senate

Summary: Carry-forward for unused tax credits

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   2/26/2004  House   Introduced and read first time HJ-4
   2/26/2004  House   Referred to Committee on Ways and Means HJ-5
    4/1/2004  House   Committee report: Favorable Ways and Means HJ-6
   4/13/2004  House   Read second time HJ-26
   4/14/2004  House   Read third time and sent to Senate HJ-21
   4/14/2004  Senate  Introduced and read first time SJ-8
   4/14/2004  Senate  Referred to Committee on Finance SJ-8
   5/19/2004  Senate  Committee report: Favorable with amendment Finance SJ-43
   5/20/2004  Senate  Amended SJ-39
   5/20/2004  Senate  Read second time SJ-39
   5/20/2004  Senate  Ordered to third reading with notice of amendments SJ-39
   5/24/2004          Scrivener's error corrected

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/26/2004
4/1/2004
5/19/2004
5/20/2004
5/24/2004

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

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Indicates New Matter

COMMITTEE AMENDMENT ADOPTED

May 20, 2004

H. 4847

Introduced by Reps. J.R. Smith, Clark, Clyburn, Perry and D.C. Smith

S. Printed 5/20/04--S.    [SEC 5/24/04 2:29 PM]

Read the first time April 14, 2004.

            

A BILL

TO AMEND SECTION 12-14-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE INVESTMENT TAX CREDIT AGAINST STATE INCOME TAX ALLOWED FOR ECONOMIC IMPACT ZONE QUALIFIED MANUFACTURING AND PRODUCTIVE EQUIPMENT PROPERTY, SO AS TO EXTEND FOR CERTAIN TAXPAYERS THE TEN-YEAR CARRY-FORWARD PERIOD FOR UNUSED TAX CREDITS AND PROVIDE THE REQUIREMENTS NECESSARY FOR A TAXPAYER TO RECEIVE THE ADDITIONAL CARRY-FORWARD PERIOD.

Amend Title To Conform

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

SECTION    1.    Section 12-14-60(D) of the 1976 Code is amended to read:

"(D)(1)    Unused credit allowed pursuant to this section may be carried forward for ten years from the close of the tax year in which the credit was earned.

(2)    In the case of credit earned and unused within the initial ten-year period, a taxpayer may continue to carry forward unused credits for use within twenty subsequent tax years if the taxpayer:

(a)    is engaged in this State in an activity or activities listed under the North American Industry Classification System Manual (NAICS) Section 31, 32, or 33;

(b)(i)    is employing one thousand or more full-time workers in this State and having a total capital investment in this State of not less than five hundred million dollars; or

(ii)    is employing eight hundred fifty or more full-time workers in this State and having a total capital investment in this State of not less than seven hundred fifty million dollars; and

(c)    made a total capital investment of not less than fifty million dollars in the previous five years.

Credits carried forward beyond the initial ten-year period may not reduce a taxpayer's state income tax liability in any subsequent tax year by more than twenty-five percent."

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

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This web page was last updated on Monday, December 7, 2009 at 10:39 A.M.