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Bill 197

                    Current Status

Bill Number:                      197
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010124
Primary Sponsor:                  Hayes
All Sponsors:                     Hayes and Martin
Drafted Document Number:          l:\council\bills\bbm\9750htc01.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Income tax credit, corporate; 
                                  manufacturer hiring student in School to Work 
                                  program; Businesses and Corporations


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20010124  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3495 SO AS TO PROVIDE A CREDIT AGAINST THE CORPORATE INCOME TAX FOR A PORTION OF THE DIRECT PAYROLL EXPENDITURE OF A MANUFACTURER FOR HIRING A STUDENT IN A PUBLIC SECONDARY EDUCATION "SCHOOL TO WORK" PROGRAM.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:

"Section 12-6-3495. A corporate taxpayer operating a manufacturing facility in this State as defined in Section 12-6-3360(M)(5) is allowed a credit against the tax imposed pursuant to Section 12-6-530 in an amount equal to twenty percent of the taxpayer's direct payroll cost in a taxable year in employing a public secondary school student in connection with the 'school to work' curriculum when this participation by the employer has been certified by the State Department of Education and the Department of Revenue as a qualifying 'school to work' program. No credit is allowed if any other credit allowed by this article is claimed in connection with these payroll costs. Unused credit may be carried forward for three succeeding taxable years. The taxpayer must maintain those records in connection with this credit as the Department of Revenue may require."

SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 2000.

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