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H. 4881
STATUS INFORMATION
General Bill
Sponsors: Rep. Bowers
Document Path: l:\council\bills\bbm\10408htc08.doc
Introduced in the House on March 25, 2008
Currently residing in the House Committee on Ways and Means
Summary: Job tax credit
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 3/25/2008 House Introduced and read first time HJ-11 3/25/2008 House Referred to Committee on Ways and Means HJ-11
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 12-6-3360, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TARGETED JOBS TAX CREDIT, SO AS TO ADD A NEW RANKING FACTOR BASED ON PROPERTY TAX MILLAGE IMPOSED IN A COUNTY FOR SCHOOL OPERATIONS AND DEBT SERVICE FOR SCHOOLS TO THE EXISTING RANKING FACTORS OF PER CAPITA INCOME AND UNEMPLOYMENT RATE IN DETERMINING THE APPLICATION OF THE CREDIT IN THE COUNTIES OF THIS STATE AND TO PROVIDE THE METHOD OF CALCULATING THIS NEW SCHOOL MILLAGE FACTOR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3360(B) of the 1976 Code, as last amended by Act 116 of 2007, is further amended to read:
"(B) The department shall rank and designate the state's counties by December thirty-first each year using data from the South Carolina Employment Security Commission, and the United States Department of Commerce, and the Office of Research and Statistics of the State Budget and Control Board. The county designations are effective for taxable years that begin in the following calendar year. A county's designation may not be lowered in credit amount more than one tier in the following calendar year. The counties are ranked using the last three completed calendar years of per capita income data, and the last thirty-six months of unemployment rate data that are available on November first, withand the average property tax millage imposed for school operations and school debt service for the last three completed fiscal years. The Office of Research and Statistics shall calculate this school millage average, and when there is more than one school district in a county, the office shall calculate a countywide average adjusted by school district population as a percentage of total county population. equalEqual weight must be given to unemployment rate and per capita incomethese three factors as follows:
(1)(a) The twelve counties with a combination of the highest unemployment rate, andthe lowest per capita income, and the highest millage rate are designated distressed counties. Notwithstanding any other provision of law, no more than twelve counties may be designated or classified as distressed and notwithstanding any other provision of this section, a county may be designated as distressed only by virtue of the criteria provided in this subitem.
(b) A category with the same criteria as provided in subitem (a) of this item is designated least developed county which consists of underdeveloped counties otherwise eligible for this category.
(2) The twelve counties with a combination of the next highest unemployment rate, andthe next lowest per capita income, and the next highest millage rate are designated underdeveloped counties.
(3) The eleven counties with a combination of the next highest unemployment rate, and the next lowest per capita income, and the next highest millage rate are designated moderately developed counties.
(4) The eleven counties with a combination of the lowest unemployment rate, and the highest per capita income, and the lowest millage rate are designated developed counties.
(5) (a) A county, any portion of which is located within twenty-five miles of the boundaries of an applicable military installation or applicable federal facility as defined in Section 12-6-3450(1), shall receive the next increased credit designation for five years beginning with the year in which the military installation or federal facility became an applicable military installation or applicable federal facility as defined in Section 12-6-3450(1), with the additional requirement that the military installation must have reduced employment on the installation of at least three thousand employees.
(b) In addition to the designation in subitem (a), a county in which an applicable military installation or applicable federal facility is located is allowed an additional increased credit designation for five years beginning with the year the installation or facility meets the requirements.
(c) Notwithstanding the designations in Section 12-6-3360, Laurens, Cherokee, and Union Counties shall qualify for the next increased credit designation.
(d) In a county where less than five percent of the work force is in manufacturing, the credit allowed is one tier higher than the credit for which the county would otherwise qualify.
(e) For a job created in a county that is not traversed by an interstate highway, the credit allowed is one tier higher than the credit for which jobs created in the county would otherwise qualify. This subitem does not apply to a job created in a county eligible for a higher tier pursuant to another provision of this item.
(f) In a county in which one employer has lost at least 1,500 jobs in a calendar year, the credit allowed is one tier higher than the credit for which the county would otherwise qualify. The one-tier-higher credit allowed by this subsection is allowed for five taxable years for jobs created in 2006, 2007, and 2008. This subsection does not apply to a job created in a county eligible for a higher tier pursuant to another provision of this section.
(g) In a county which is at least one thousand square miles in size and which has had an unemployment rate greater than the state average for the past ten years and an average per capita income lower than the average state per capita income for the past ten years, and which is not included in any of the county classifications contained in subitems (a) through (f) of this item, the credit allowed is two tiers higher than the credit for which the county otherwise would qualify.
(h) In a county in which one employer has lost at least 1,500 jobs in calendar year 2006, the credit allowed is three tiers higher than the credit for which the county would otherwise qualify. The three-tier-higher credit allowed by this subsection is allowed for five taxable years for jobs created in 2007 and 2008. This subsection does not apply to a job created in a county eligible for a higher tier pursuant to another provision of this section."
SECTION 2. This act takes effect upon approval by the Governor and applies for county rankings determined after 2007.
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