Current Status Introducing Body:House Bill Number:3162 Primary Sponsor:Cobb-Hunter Committee Number:30 Type of Legislation:GB Subject:Low income housing construction, tax credit Residing Body:House Current Committee:Ways and Means Companion Bill Number:225 Computer Document Number:436/12822AC.93 Introduced Date:19930119 Last History Body:House Last History Date:19930119 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Cobb-Hunter Waites Byrd Stille Rogers Whipper Canty Mattos Hines McMahand Harrelson Harvin Baxley Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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3162 House 19930119 Introduced, read first time, 30
referred to Committee
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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.