Current Status Introducing Body:Senate Bill Number:225 Primary Sponsor:Courson Type of Legislation:GB Subject:Low income housing construction, tax credit Residing Body:Senate Companion Bill Number:3162 Computer Document Number:436/12823AC.93 Introduced Date:19930119 Last History Body:Senate Last History Date:19930317 Last History Type:Committee Report: Favorable Scope of Legislation:Statewide All Sponsors:Courson Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
225 Senate 19930317 Committee Report: Favorable 06
225 Senate 19930119 Introduced, read first time, 06
referred to Committee
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COMMITTEE REPORT
March 17, 1993
S. 225
S. Printed 3/17/93--S.
Read the first time January 19, 1993.
To whom was referred a Bill (S. 225), to amend the Code of Laws of South Carolina, 1976, by adding Section 12-7-1227 so as to authorize a tax credit of twenty percent, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
JOHN DRUMMOND, for Committee.
This Bill adds Section 12-7-1227 so as to authorize a tax credit of twenty percent of costs for constructing low income housing that qualifies for federal housing and urban development subsidies.
This Bill would reduce general fund revenue by approximately $50,000 per year beginning in FY 1994-95.
This fiscal impact is based on the estimated number of housing units constructed in South Carolina that would qualify for low income subsidies. All of the estimated five units would expend at least $50,000 on construction costs and receive the maximum $10,000 credit.
Approved By:
A. Crawford Clarkson, Jr.
S.C. Tax Commission
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-1227 SO AS TO AUTHORIZE A TAX CREDIT OF TWENTY PERCENT OF COSTS FOR CONSTRUCTING LOW INCOME HOUSING THAT QUALIFIES FOR FEDERAL HOUSING AND URBAN DEVELOPMENT SUBSIDIES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 12-7-1227. A taxpayer may claim as a credit against the taxes imposed by this chapter an amount equal to twenty percent of all construction costs incurred, not to exceed fifty thousand dollars in a taxable year, for the construction of houses, apartments, and single room occupancy facilities which qualify for federal Housing and Urban Development low income subsidies. No more than one credit under this section may be claimed for any one project. This credit is nonrefundable but if the credit exceeds the taxpayer's tax liability for the taxable year, the amount which exceeds the tax liability may be carried forward for the five succeeding taxable years."
SECTION 2. The tax credit authorized by Section 12-7-1227, as added by Section 1 of this act, applies to tax years beginning after 1993.
SECTION 3. This act takes effect upon approval by the Governor.