Current StatusView additional legislative information at the LPITS web site.Bill Number: 205 Ratification Number: 98 Act Number 60 Introducing Body: Senate Subject: Investment tax credit
(A60, R98, S205)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, AS AMENDED, BY ADDING SECTION 12-7-615, SO AS TO PROVIDE AN INVESTMENT TAX CREDIT FOR THE PURCHASE AND INSTALLATION OF CONSERVATION TILLAGE EQUIPMENT, DRIP/TRICKLE IRRIGATION SYSTEMS AND DUAL PURPOSE COMBINATION TRUCK AND CRANE EQUIPMENT.
Be it enacted by the General Assembly of the State of South Carolina:
Investment tax credit
SECTION 1. The 1976 Code of Laws is amended by adding:
"Section 12-7-615. A taxpayer may claim as a credit twenty-five percent of all expenditures, to a maximum of two thousand five hundred dollars, made in each tax year for the purchase and installation of the following energy conservation and renewable energy production measures:
1. conservation tillage equipment.
2. drip/trickle irrigation systems to include all necessary measures and equipment including, but not limited to, dams, pipe, pumps, wells, installation charges and other related expenses.
3. dual purpose combination truck and crane equipment.
The credit for each of the measures may be claimed in only one tax year. If the amount of such credit exceeds the taxpayers tax liability for such taxable year, the amount which exceeds such tax liability may be carried over for credit against income taxes in the next five succeeding taxable years until the total amount of the tax credit has been taken."
Time effective
SECTION 2. This act shall take effect upon approval by the Governor.