A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ENACTING THE "SMALL BUSINESS EMERGENCY PREPAREDNESS INCOME TAX CREDIT ACT" BY ADDING SECTION 12-6-3830 SO AS TO PROVIDE AN INCOME TAX CREDIT FOR A SMALL BUSINESS THAT PURCHASES A GENERATOR.

 

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

 

SECTION 1.  This act may be cited as the "Small Business Emergency Preparedness Income Tax Credit Act."

 

SECTION 2.  Article 25, Chapter 6, Title 12 of the S.C. Code is amended by adding:

 

    Section 12-6-3830. There is allowed a credit against the tax imposed pursuant to this chapter for a small business that purchases a generator for its business. The credit is equal to one hundred percent of the cost of the generator not to exceed ten thousand dollars. For purposes of this section, "small business" means a business with twenty-five employees or less that sells unprepared food, prepared food, home improvement supplies, prescription drugs, medical supplies, gas, diesel, or propane. Any unused credit may be carried forward for three years.

 

SECTION 3.  This act takes effect upon approval by the Governor and first applies to income tax years after 2024.

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