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A312, R371, H4312
STATUS INFORMATION
General Bill
Sponsors: Reps. Merrill, Bailey, Altman, Coates, Brady, Mahaffey, Funderburk, Ballentine, J.E. Smith and Herbkersman
Document Path: l:\council\bills\ggs\22278htc06.doc
Introduced in the House on January 10, 2006
Introduced in the Senate on April 26, 2006
Last Amended on May 23, 2006
Passed by the General Assembly on May 25, 2006
Governor's Action: June 1, 2006, Signed
Summary: Hybrid vehicles
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 11/16/2005 House Prefiled 11/16/2005 House Referred to Committee on Ways and Means 1/10/2006 House Introduced and read first time HJ-27 1/10/2006 House Referred to Committee on Ways and Means HJ-27 1/10/2006 House Member(s) request name added as sponsor: Funderburk 4/20/2006 House Committee report: Favorable with amendment Ways and Means HJ-12 4/25/2006 House Member(s) request name added as sponsor: Ballentine, J.E.Smith, Herbkersman 4/25/2006 House Amended HJ-113 4/25/2006 House Read second time HJ-114 4/26/2006 House Read third time and sent to Senate HJ-21 4/26/2006 Senate Introduced and read first time SJ-6 4/26/2006 Senate Referred to Committee on Finance SJ-6 5/5/2006 Senate Referred to Subcommittee: O'Dell (ch), Peeler, Reese, Short, Fair, Verdin 5/17/2006 Senate Committee report: Favorable with amendment Finance SJ-9 5/18/2006 Senate Amended SJ-68 5/18/2006 Senate Read second time SJ-68 5/19/2006 Scrivener's error corrected 5/23/2006 Senate Amended SJ-12 5/23/2006 Senate Read third time and returned to House with amendments SJ-12 5/25/2006 House Concurred in Senate amendment and enrolled HJ-46 5/31/2006 Ratified R 371 6/1/2006 Signed By Governor 6/6/2006 Copies available 6/6/2006 Effective date See Act for Effective Date 6/8/2006 Act No. 312
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
11/16/2005
4/20/2006
4/25/2006
5/17/2006
5/18/2006
5/19/2006
5/23/2006
(A312, R371, H4312)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3377 SO AS TO ALLOW A STATE INCOME TAX CREDIT EQUAL TO TWENTY PERCENT OF CERTAIN NEW HYBRID, FUEL CELL, ALTERNATIVE FUEL, OR LEAN BURN TECHNOLOGY MOTOR VEHICLE CREDITS ALLOWED AGAINST A TAXPAYER'S FEDERAL INCOME TAX LIABILITY.
Be it enacted by the General Assembly of the State of South Carolina:
State income tax credit
SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3377. (A) A South Carolina resident taxpayer who is eligible for and claims the new qualified fuel cell motor vehicle credit, the new advanced lean burn technology motor vehicle credit, the new qualified hybrid motor vehicle credit based on the combined city/highway metric or standard set by federal Internal Revenue Code Section 30B, and the new qualified alternative fuel motor vehicle credit allowed pursuant to Internal Revenue Code Section 30B is allowed a credit against the income taxes imposed pursuant to this chapter in an amount equal to twenty percent of that federal income tax credit. The credit allowed by this section is nonrefundable and if the amount of the credit exceeds the taxpayer's liability for the applicable taxable year, any unused credit may be carried forward and claimed in the five succeeding taxable years.
(B) The credit amount allowed by this section must be calculated without regard to the phaseout period limits of Internal Revenue Code Section 30B(f) and for purposes of the credits allowed pursuant to this section, the provisions of Internal Revenue Code Section 30B are deemed permanent law."
Time effective and applicability
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2005.
Ratified the 31st day of May, 2006.
Approved the 1st day of June, 2006.
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