Current Status Introducing Body:
HouseBill Number: 3162Primary Sponsor: Cobb-HunterCommittee Number: 30Type of Legislation: GBSubject: Low income housing construction, tax creditResiding Body: HouseCurrent Committee: Ways and MeansCompanion Bill Number: 225Computer Document Number: 436/12822AC.93Introduced Date: 19930119Last History Body: HouseLast History Date: 19930119Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: Cobb-Hunter Waites Byrd Stille Rogers Whipper Canty Mattos Hines McMahand Harrelson Harvin BaxleyType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 3162 House 19930119 Introduced, read first time, 30 referred to CommitteeView additional legislative information at the LPITS web site.
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.