South Carolina General Assembly
117th Session, 2007-2008

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Bill 3390

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

May 15, 2007

H. 3390

Introduced by Reps. Merrill, Herbkersman, Funderburk and Mulvaney

S. Printed 5/15/07--H.

Read the first time January 30, 2007.

            

THE COMMITTEE ON WAYS AND MEANS

To whom was referred a Bill (H. 3390) to amend the Code of Laws of South Carolina, 1976, by adding Section 12-6-3588 so as to allow a state income tax credit equal to twenty percent, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

DANIEL T. COOPER for Committee.

            

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3588 SO AS TO ALLOW A STATE INCOME TAX CREDIT EQUAL TO TWENTY PERCENT OF THE QUALIFIED EXPENDITURES OF PHOTOVOLTAIC, SOLAR, AND FUEL CELL PROPERTY CREDITS ALLOWED AGAINST A TAXPAYER'S FEDERAL INCOME TAX LIABILITY.

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 12-6-3588.    (A)    A South Carolina resident taxpayer who is eligible for and claims the qualified photovoltaic property expenditure credit, solar water heating property expenditure credit, or fuel cell property expenditure credit provided pursuant to federal Internal Revenue Code Section 25D 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 phase-out time limit of Internal Revenue Code Section 25D(g) and, for purposes of the credits allowed pursuant to this section, the provisions of Internal Revenue Code Section 25D are deemed permanent law."

SECTION    2.    This act takes effect upon approval by the Governor and applies for taxable years beginning after 2006.

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