South Carolina General Assembly
121st Session, 2015-2016

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H. 4503

STATUS INFORMATION

General Bill
Sponsors: Reps. J.E. Smith, Bernstein, M.S. McLeod and Clyburn
Document Path: l:\council\bills\bbm\9385dg16.docx

Introduced in the House on January 12, 2016
Currently residing in the House Committee on Ways and Means

Summary: Income tax credits

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/3/2015  House   Prefiled
   12/3/2015  House   Referred to Committee on Ways and Means
   1/12/2016  House   Introduced and read first time (House Journal-page 84)
   1/12/2016  House   Referred to Committee on Ways and Means 
                        (House Journal-page 84)

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/3/2015

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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3780 SO AS TO ALLOW AN INCOME TAX CREDIT EQUAL TO TEN PERCENT OF ANY FEDERAL ASSISTANCE AN INDIVIDUAL TAXPAYER RECEIVED FROM THE FEDERAL EMERGENCY MANAGEMENT AGENCY RESULTING FROM THE CATASTROPHIC WEATHER EVENT IN OCTOBER 2015.

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 12-6-3780.    For either tax year 2015 or 2016, an individual taxpayer is allowed an income tax credit equal to ten percent of any federal assistance the taxpayer received from the Federal Emergency Management Agency resulting from the catastrophic weather event in October 2015. 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 for five years. The credit only may be claimed once. In the case of a joint return, the credit only may be claimed by one individual listed on the income tax return. Nothing in this section prevents a taxpayer from filing an amended tax return for 2015 for the purpose of claiming the credit. The Department of Revenue may require the individual taxpayer to produce whatever proof the department determines necessary to implement the provisions of this section."

SECTION    2.    This act takes effect upon approval by the Governor.

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This web page was last updated on January 14, 2016 at 10:25 AM