Current Status Introducing Body:House Bill Number:3329 Primary Sponsor:Nettles Committee Number:30 Type of Legislation:GB Subject:Jobs tax credit Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/5240.HC Introduced Date:Jan 24, 1991 Last History Body:House Last History Date:Jan 24, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Nettles Type of Legislation:General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 3329 House Jan 24, 1991 Introduced, read first time, 30 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-7-1220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TARGETED JOBS TAX CREDIT, SO AS TO EXTEND THE CREDIT TO SUBCHAPTER S CORPORATIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-1220 of the 1976 Code is amended by adding an appropriately lettered subsection to read:
"( ) `Corporation' as defined in this section also includes subchapter S corporations. The shareholders of a qualifying subchapter S corporation may claim their proportionate share of the credit against the tax imposed pursuant to Section 12-7-210 in the manner prescribed by the Tax Commission."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1990.