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TO AMEND SECTION 12-6-3515, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX CREDITS FOR GIFTS OF LAND FOR CONSERVATION OR QUALIFIED CONSERVATION CONTRIBUTIONS OF A QUALIFIED REAL PROPERTY INTEREST, SO AS TO PROVIDE THAT THE MAXIMUM LIMIT OF THE CREDIT FOR CERTAIN TAXPAYERS WHICH ARE NOT INDIVIDUALS IS ON A PER SHAREHOLDER OR PARTNER BASIS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3515(C)(2) of the 1976 Code is amended to read:
"(2) Regardless of the amount of the credit allowed by this section, the total credit a taxpayer may use under this section for any particular taxable year may not exceed fifty-two thousand five hundred dollars. If the taxpayer is not an individual but an entity,
including an 'S' corporation or a limited liability company or partnership, where taxable income and losses pass through to the shareholders or partners, the fifty-two thousand five hundred dollar limitation contained in this item applies per shareholder or partner on a prorata basis up to the value of the contribution not exceeding fifty-two thousand five hundred dollars per shareholder or partner per year."
SECTION 2. This act takes effect upon approval by the Governor and applies for all tax years beginning in 2007 or thereafter.
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