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Indicates New Matter
AS PASSED BY THE SENATE
May 23, 2006
H. 4312
Introduced by Reps. Merrill, Bailey, Altman, Coates, Brady, Mahaffey, Funderburk, Ballentine, J.E. Smith and Herbkersman
S. Printed 5/23/06--S.
Read the first time April 26, 2006.
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 THE NEW QUALIFIED HYBRID MOTOR VEHICLE CREDIT ALLOWED AGAINST A TAXPAYER'S FEDERAL INCOME TAX LIABILITY.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
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 30(B)(f) and for purposes of the credits allowed pursuant to this section, the provisions of Internal Revenue Code Section 30(B) are deemed permanent law."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2005.
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