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Indicates New Matter
S. 860
STATUS INFORMATION
General Bill
Sponsors: Senators McConnell, Campsen, O'Dell, Elliott, McGill and Cromer
Document Path: l:\council\bills\swb\5352htc08.doc
Introduced in the Senate on January 8, 2008
Currently residing in the Senate Committee on Finance
Summary: Fire sprinkler systems
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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12/5/2007 Senate Prefiled
12/5/2007 Senate Referred to Committee on Finance
1/8/2008 Senate Introduced and read first time SJ-33
1/8/2008 Senate Referred to Committee on Finance SJ-33
1/23/2008 Senate Recalled from Committee on Finance SJ-9
1/23/2008 Senate Committed to Committee on Labor, Commerce and Industry
SJ-9
4/9/2008 Senate Committee report: Majority favorable with amend.,
minority unfavorable Labor, Commerce and Industry SJ-16
4/9/2008 Senate Recommitted to Committee on Finance SJ-16
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3622 SO AS TO ALLOW A STATE INCOME TAX CREDIT FOR A PORTION OF THE EXPENSES OF INSTALLING OR IMPROVING A FIRE PROTECTION SPRINKLER SYSTEM IN A COMMERCIAL STRUCTURE IN WHICH SUCH A SYSTEM IS NOT REQUIRED BY STATUTE, REGULATION, OR CODE AND TO PROVIDE THE REQUIREMENTS TO CLAIM THE CREDIT; BY ADDING SECTION 38-75-70 SO AS TO PROVIDE FOR A MINIMUM PREMIUM DISCOUNT AS PRESCRIBED BY THE DIRECTOR OF THE DEPARTMENT OF INSURANCE FOR A COMMERCIAL POLICY OF PROPERTY INSURANCE IF THERE IS INSTALLED AND PROPERLY MAINTAINED A FIRE SPRINKLER SYSTEM IN THE INSURED PROPERTY; AND BY ADDING SECTION 40-10-275 SO AS TO PROHIBIT TAP-ON FEES FOR FIVE SPRINKLER SYSTEMS EXCEEDING THE STANDARD TAP-ON FEE OTHERWISE APPLICABLE FOR THE STRUCTURE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. A. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3622. (A) There is allowed a credit against the tax imposed pursuant to this chapter an amount equal to five percent but not more than a total of five thousand dollars, of the direct expenses incurred by the taxpayer after 2007, for the installation of a fire sprinkler system in a commercial structure when such installation is not required by law, regulation, or code. The credit extends to expenses incurred in an installation in a new structure or an existing structure or improvements to an existing fire sprinkler system. To be eligible for the credit, the installation must be made by a fire sprinkler contractor who complies with the requirements of Chapter 10 of Title 40, the Fire Protection Sprinkler Systems Act, and all local licensing and code requirements. If the amount of the credit exceeds the tax liability for the applicable taxable year, unused credit may be carried forward to ten succeeding taxable years. The Department of Revenue may require the taxpayer to provide to the department the information and supporting material it determines necessary for the verification of the amount of the credit claimed.
(B) For purposes of this section, fire sprinkler contractor and fire sprinkler system are as defined in Section 40-10-20."
B. Section 12-6-3622 of the 1976 Code, as added pursuant to subsection A of this section, takes effect upon approval of this act by the Governor and applies for taxable years beginning after 2007.
SECTION 2. A. Article 1, Chapter 75, Title 38 of the 1976 Code is amended by adding:
"Section 38-75-70. An insurer doing business in this State who issues a commercial policy covering property shall give a premium discount to an insured if there is a fire sprinkler system as defined pursuant to Section 40-10-20(8) installed and properly maintained, in the insured property. The Director of the Department of Insurance shall prescribe a minimum discount amount and minimum compliance requirement for such fire sprinkler systems for the minimum discount to apply."
B. Section 38-75-70 of the 1976 Code, as added pursuant to subsection A of this section, takes effect upon approval of this act by the Governor and applies for commercial policies of property issued after June 30, 2008.
SECTION 3. A. Chapter 10, Title 40 of the 1976 Code is amended by adding:
"Section 40-10-275. A publicly or privately owned utility providing water service may not impose a separate or additional tap-on fee, however described, for a fire sprinkler system in excess of the standard tap-on fee otherwise applicable for the structure protected by the fire sprinkler system."
B. This provisions of Section 40-10-275 of the 1976 Code, as added by this section, apply for tap-on fees imposed after June 30, 2008.
SECTION 4. Except where otherwise stated this act takes effect upon approval by the Governor.
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