Current Status Introducing Body:
SenateBill Number: 225Primary Sponsor: CoursonType of Legislation: GBSubject: Low income housing construction, tax creditResiding Body: SenateCompanion Bill Number: 3162Computer Document Number: 436/12823AC.93Introduced Date: 19930119Last History Body: SenateLast History Date: 19930317Last History Type: Committee Report: FavorableScope of Legislation: StatewideAll Sponsors: CoursonType 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 CommitteeView additional legislative information at the LPITS web site.
March 17, 1993
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.
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.