South Carolina General Assembly
110th Session, 1993-1994

Bill 225


Indicates Matter Stricken
Indicates New Matter


                    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



History


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

COMMITTEE REPORT

March 17, 1993

S. 225

Introduced by SENATOR Courson

S. Printed 3/17/93--S.

Read the first time January 19, 1993.

THE COMMITTEE ON FINANCE

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

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

JOHN DRUMMOND, for Committee.

STATEMENT OF ESTIMATED FISCAL IMPACT

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

A BILL

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.

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