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S. 1259

STATUS INFORMATION

General Bill
Sponsors: Senators Campsen, Courson, Leventis, Grooms, Sheheen, Hutto, McConnell, Gregory, Land, McGill, Lourie, Hayes and Richardson
Document Path: l:\council\bills\bbm\9339htc06.doc

Introduced in the Senate on March 16, 2006
Currently residing in the Senate Committee on Finance

Summary: Conservation Incentives Act of 2006

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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   3/16/2006  Senate  Introduced and read first time SJ-3
   3/16/2006  Senate  Referred to Committee on Finance SJ-3

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

3/16/2006

TO ENACT THE CONSERVATION INCENTIVES ACT OF 2006 BY AMENDING SECTION 12-6-3515, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE INCOME TAX CREDIT FOR A GIFT OF LAND FOR CONSERVATION OR FOR A QUALIFIED CONSERVATION CONTRIBUTION, SO AS TO INCREASE FROM TWO HUNDRED FIFTY DOLLARS TO FIVE HUNDRED DOLLARS THE MAXIMUM PER ACRE CREDIT ALLOWED AND TO ADJUST ANNUALLY FOR INFLATION THIS INCREASED MAXIMUM PER ACRE CREDIT; AND BY AMENDING SECTION 12-43-230, AS AMENDED, RELATING TO THE CLASSIFICATION OF REAL PROPERTY FOR PURPOSES OF PROPERTY TAX, SO AS TO PROVIDE THAT UNIMPROVED REAL PROPERTY WHICH HAS GIVEN RISE TO THE STATE INCOME TAX CONSERVATION CREDIT ALLOWED PURSUANT TO SECTION 12-6-3515 MUST BE CLASSIFIED FOR PROPERTY TAX PURPOSES AS AGRICULTURAL REAL PROPERTY FOR AS LONG AS THE REAL PROPERTY REMAINS IN THE STATUS THAT GAVE RISE TO THAT INCOME TAX CREDIT.

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

SECTION    1.    This act may be cited as the Conservation Incentives Act of 2006.

SECTION    2.    Section 12-6-3515(C) of the 1976 Code, as added by Act 283 of 2000, is amended to read:

"(C)(1)    The credit provided for in this section may not exceed two hundred fifty five hundred dollars per an acre of property to which the qualified conservation contribution or gift of land for conservation applies. For the purpose of calculating the per acre tax credit cap of this subsection, all upland and wetland acreage subject to the qualified conservation contribution shall must be taken into account, except for property lying within the intertidal zone. All other wetland acreage subject to the qualified conservation contribution including, but not limited to, ponds, wetland impoundments, hardwood bottomlands, and Carolina Bays shall must be taken into account when calculating the two hundred fifty five hundred dollar per an acre tax credit cap.

(2)    Regardless of the amount of the credit allowed by this section, the total credit a taxpayer may use under this section for any particular taxable year may not exceed fifty-two thousand five hundred dollars.

(3)    For purposes of applying the per acre limitation and per taxpayer limitation on the credit allowed by this section, the attribution rules of Section 267 of the Internal Revenue Code apply.

(4)    Beginning December 15, 2006, the department annually and cumulatively shall adjust the maximum per acre credit allowed pursuant to this subsection using the percentage that federal income tax brackets are adjusted as provided pursuant to Internal Revenue Code Section 1(f). The rounding amount that must be applied in making this adjustment is ten dollars. The maximum per acre credit, as adjusted, applies in the succeeding calendar year."

SECTION    3.    Section 12-43-230(a) of the 1976 Code is amended by adding a paragraph at the end to read:

"For purposes of this article, 'agricultural real property' includes unimproved real property which has given rise to the state income tax conservation credit allowed pursuant to Section 12-6-3515 for as long as the real property remains in the status that gave rise to that income tax credit."

SECTION    4.    This act takes effect upon approval by the Governor and applies for taxable years beginning after 2005.

This web page was last updated on Friday, December 4, 2009 at 3:36 P.M.