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A134, R149, H3811

STATUS INFORMATION

General Bill
Sponsors: Rep. Elliott
Companion/Similar bill(s): 40
Document Path: LC-0190SA23.docx

Introduced in the House on January 25, 2023
Introduced in the Senate on May 23, 2023
Currently residing in the House
Governor's Action: May 13, 2024, Signed

Summary: Industry Partnership Fund Tax Credit

HISTORY OF LEGISLATIVE ACTIONS

Date	Body	Action Description with journal page number
1/25/2023	House	Introduced and read first time (House Journal-page 15)
1/25/2023	House	Referred to Committee on Ways and Means (House Journal-page 15)
2/8/2023		Scrivener's error corrected
5/4/2023	House	Committee report: Favorable Ways and Means (House Journal-page 6)
5/9/2023	House	Debate adjourned (House Journal-page 25)
5/10/2023	House	Debate adjourned (House Journal-page 77)
5/11/2023	House	Read second time (House Journal-page 27)
5/11/2023	House	Roll call Yeas-94 Nays-7 (House Journal-page 28)
5/16/2023	House	Read third time and sent to Senate (House Journal-page 26)
5/23/2023	Senate	Introduced and read first time (Senate Journal-page 37)
5/23/2023	Senate	Referred to Committee on Finance (Senate Journal-page 37)
2/28/2024	Senate	Committee report: Favorable Finance (Senate Journal-page 18)
3/19/2024	Senate	Read second time (Senate Journal-page 24)
3/19/2024	Senate	Roll call Ayes-30 Nays-13 (Senate Journal-page 24)
3/20/2024	Senate	Read third time and enrolled (Senate Journal-page 13)
5/8/2024		Ratified R 149
5/13/2024		Signed By Governor
5/29/2024		Effective date 05/13/24
5/29/2024		Act No. 134

View the latest legislative information at the website

VERSIONS OF THIS BILL

01/25/2023
02/08/2023
05/04/2023
02/28/2024

(A134, R149, H3811)

AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-3585, RELATING TO THE INDUSTRY PARTNERSHIP FUND TAX CREDIT, SO AS TO PROVIDE FOR AN INCREASE IN THE AGGREGATE CREDIT FROM NINE MILLION TO TWELVE MILLION DOLLARS FOR TAX YEARS AFTER 2022.

Be it enacted by the General Assembly of the State of South Carolina:

Industry Partnership Fund Tax Credit

SECTION 1.    Section 12-6-3585(A) of the S.C. Code is amended to read:

(A) For each tax year beginning after 2022, a taxpayer may claim as a credit against state income tax imposed by Chapter 6, Title 12, bank tax imposed by Chapter 11, Title 12, license fees imposed by Chapter 20, Title 12, or insurance premiums imposed by Chapter 7, Title 38, or any combination of them, one hundred percent of an amount contributed to the Industry Partnership Fund at the South Carolina Research Authority (SCRA), or an SCRA-designated affiliate, or both, pursuant to Section 13-17-88(E), up to a maximum credit of five hundred thousand dollars for a single taxpayer, not to exceed an aggregate credit of twelve million dollars for all taxpayers. If the aggregate credit of twelve million dollars for all taxpayers is not met within sixty days of the annual opening date for the application for the credit, the single taxpayer maximum credit is automatically increased to one million dollars for the remainder of that year until the maximum aggregate credit of twelve million dollars is met. For purposes of determining a taxpayer's entitlement to the credit for qualified contributions for a given tax year in which more than the applicable aggregate annual limit on the credit is contributed by taxpayers for that year, taxpayers who have made contributions that are intended to be qualified contributions earlier in the applicable tax year than other taxpayers must be given priority entitlement to the credit. The SCRA shall certify to taxpayers who express a bona fide intention of making one or more qualified contributions as to whether the taxpayer is entitled to that priority.

Time effective

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

Ratified the 8th day of May, 2024.

Approved the 13th day of May, 2024.

This web page was last updated on June 25, 2024 at 11:47 AM