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63Ratification Number: 445Act Number: 389Introducing Body: SenateSubject: Provide tax credits for the construction and installation or restoration of water impoundments and water control structures
(A389, R445, S63)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-617, SO AS TO PROVIDE TAX CREDITS FOR THE CONSTRUCTION AND INSTALLATION OR RESTORATION OF WATER IMPOUNDMENTS AND WATER CONTROL STRUCTURES FOR IRRIGATION AND WATER SUPPLY, SEDIMENT CONTROL, AND EROSION CONTROL OR AQUACULTURE AND WILDLIFE MANAGEMENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The General Assembly finds that the State of South Carolina is blessed with abundant rainfall and other water resources which when managed through the construction of impoundments and water control structures abate erosion and sedimentation, conserve water for use during times of draught and add to the income of our citizens by increasing agricultural and aquacultural productivity.
The General Assembly finds further that all state agencies and institutions charged with the development, management, planning, or regulation of the use of our state natural resources should coordinate their efforts and work diligently to facilitate and encourage the construction of water storage and control structures for soil and water conservation, wildlife management, agriculture and aquaculture purposes.
The General Assembly finds further that in order to encourage the private sector of our economy to invest in the construction of such soil and water conserving impoundment and control structures the tax credits provided in Section 2 of this act shall be provided.
SECTION 2. The 1976 Code is amended by adding:
"Section 12-7-617. 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 construction and installation or restoration of ponds, lakes, and other water impoundments, and water control structures designed for the purposes of water storage for irrigation, water supply, sediment control, erosion control or aquaculture and wildlife management. This tax credit does not apply to any pond, lake, or other water impoundment or water control structure located in or adjacent to and filled primarily by coastal waters of the State.
To qualify for this credit the taxpayer must obtain a construction permit issued by the South Carolina Land Resources Commission, or its agent, the local Soil and Water Conservation District, or proof of exemption from permit requirements issued by either of the above agencies, as provided in the South Carolina Dam and Reservoir Safety Act (Article 3 of Chapter 11 of Title 49).
If the amount for such credit exceeds the taxpayer's 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."
SECTION 3. This act shall take effect upon approval by the Governor.