South Carolina General Assembly
109th Session, 1991-1992

Bill 3329


Indicates Matter Stricken
Indicates New Matter


                    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



History


 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3329  House   Jan 24, 1991  Introduced, read first time,    30
                             referred to Committee

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

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.

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