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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3675 SO AS TO PROVIDE FOR A CREDIT AGAINST THE STATE'S INCOME TAX FOR CERTAIN EXPENSES INCURRED BY A TAXPAYER IN THE PURCHASE AND INSTALLATION OF SECURITY MONITORING EQUIPMENT, FENCING AND OTHER PHYSICAL SECURITY MEASURES, AND EMPLOYMENT OF SECURITY PERSONNEL AT AN ELIGIBLE MULTIFAMILY HOUSING PROJECT IN A RECOGNIZED HIGH CRIME AREA AND IN WHICH UNITS ARE OWNED OR RENTED BY VERY LOW AND LOWER INCOME INDIVIDUALS AND HOUSEHOLDS; AND TO AMEND SECTION 31-13-450, RELATING TO USE OF MONIES IN THE SOUTH CAROLINA HOUSING TRUST FUND, SO AS TO PROVIDE THAT THE MONIES BE USED TO REQUIRE SECURITY MEASURES, AND TO ASSIST IN FINANCING THE ESTABLISHMENT AND IMPLEMENTATION OF THOSE SECURITY REQUIREMENTS, AT ELIGIBLE MULTIFAMILY HOUSING PROJECTS IN RECOGNIZED HIGH CRIME AREAS AND IN WHICH UNITS ARE OWNED OR RENTED BY VERY LOW AND LOWER INCOME INDIVIDUALS AND HOUSEHOLDS.
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 12-6-3675. (A) For purposes of this section, 'eligible multifamily housing project' is a housing development project as defined in Section 31-13-450(D), which is located in a high crime area as determined by local law enforcement parameters and the FBI's Uniform Crime Reports and in which the units are owned or rented by very low and lower income individuals or households, as defined in Section 31-13-410(6) and (9).
(B) A taxpayer is allowed a tax credit against the income tax liability imposed by this chapter in an amount equal to twenty-five percent of the costs incurred by the taxpayer in providing security for an eligible multifamily housing project.
(C) Expenditures that may be claimed as the costs incurred in providing security for an eligible project include, but are not limited to, purchase and installation of security monitoring equipment and fencing and other physical security measures, as well as expenses for the hiring of security personnel and purchase or rental of security animals."
SECTION 2. Section 31-13-450 of the 1976 Code is amended by adding an appropriately numbered subsection at the end to read:
"( ) The board is specifically authorized to and shall use the monies in the South Carolina Housing Trust Fund to make loans or grants, provide matching funds, or otherwise assist in financing, as provided in this section, the establishment and implementation of security requirements at eligible multifamily housing projects in recognized high crime areas and in which the units are owned or rented by the very low and lower income individuals and households."
SECTION 3. This act takes effect upon approval by the Governor and applies for tax years after 2007.
This web page was last updated on Monday, June 22, 2009 at 2:58 P.M.