South Carolina General Assembly
114th Session, 2001-2002

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Bill 558


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      558
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010405
Primary Sponsor:                  Matthews
All Sponsors:                     Matthews, Patterson, Hutto, Saleeby, 
                                  Land, O'Dell, Jackson, Ford, Glover, 
                                  Passailaigue, Pinckney, Drummond, McGill, 
                                  Giese, Anderson
Drafted Document Number:          l:\council\bills\swb\5294mm01.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Date of Last Amendment:           20010607
Subject:                          Donations to certain colleges where 
                                  majority low income students, income tax 
                                  credit for; College, Universities, Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20010620  Introduced, read first time,           30 HWM
                  referred to Committee
Senate  20010607  Amended, read third time, 
                  sent to House
Senate  20010514  Co-Sponsor added by Senator                    Passailaigue
                                                                 Pinckney
                                                                 Drummond
                                                                 McGill
                                                                 Giese
                                                                 Anderson
Senate  20010514  Read second time, notice of
                  general amendments
Senate  20010509  Committee report: Favorable            06 SF
Senate  20010405  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill
Revised on May 9, 2001 - Word format
Revised on June 7, 2001 - Word format

View additional legislative information at the LPITS web site.


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

AS PASSED BY THE SENATE

June 7, 2001

    S. 558

Introduced by Senators Matthews, Patterson, Hutto, Saleeby, Land, O'Dell, Jackson, Ford, Glover, Passailaigue, Pinckney, Drummond, McGill, Giese and Anderson

S. Printed 6/7/01--S.

Read the first time April 5, 2001.

            

A BILL

TO AMEND ARTICLE 25, CHAPTER 6, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX CREDITS, BY ADDING SECTION 12-6-3540 SO AS TO PROVIDE STATE INCOME, BANK, OR PREMIUM TAX CREDITS FOR DONATIONS TO FOUR-YEAR COLLEGES AND UNIVERSITIES WHERE LOW INCOME STUDENTS COMPRISE SIXTY PERCENT OR MORE OF THE TOTAL STUDENT POPULATION AND TO DEFINE "LOW INCOME STUDENT".

    Amend Title To Conform

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 12-6-3540.    (A)    A taxpayer may claim as a credit against his state income tax, bank tax, or premium tax liability thirty percent of all amounts donated to a public four-year institution of higher learning located in this State where sixty percent or more of the total student body population is made up of low and moderate income students.

    (B)    The total amount of credits allowed pursuant to this section may not exceed in the aggregate fifteen million dollars for all taxpayers and all taxable years. The credit must be allowed to taxpayers in the order of the time of making the donation to the institution meeting the criteria of subsection (A).

    (C)    If the amount of the credit determined under subsection (A) exceeds the taxpayer's state income tax liability for the applicable taxable year, the taxpayer may carry over the excess to the immediately succeeding taxable years. However, the credit carryover may not be used for a taxable year that begins on or after ten years from the date of the initial donation. The amount of the credit carryover from a taxable year must be reduced to the extent that the carryover is used by the taxpayer to obtain a credit under this section for a subsequent taxable year.

    (D)    Notwithstanding the provisions of subsections (A), (B), and (C), if on April 1, 2002, or as soon after that as the Department of Revenue determines, the total amount of tax credits which may be claimed by all taxpayers exceeds the total amount of tax credits authorized by this section, the credits must be determined on a pro rata basis. For purposes of this subsection, a public four-year institution of higher learning for which a donation may be claimed as a tax credit pursuant to this section must report all donations made before April 1, 2002, to the Department of Revenue, by April 1, 2002, and the department, as soon as reasonably possible, shall inform these institutions of the total of all donations to all institutions as of April 1, 2002.

    (E)    To receive the credit provided by this section, a taxpayer shall:

        (1)    claim the credit on the taxpayer's annual state income or premium tax return in the manner prescribed by the Department of Revenue; and

        (2)    file with the Department of Revenue and with the taxpayer's annual state income or premium tax return a copy of the form issued by the institution of higher learning confirming the donation by the taxpayer, as provided in subsection (F).

    (F)    The institution must complete a form prescribed by the Department of Revenue showing for each donation to the institution:

        (1)    the name, address, and identification number of the taxpayer who made the donation; and

        (2)    the amount donated by the taxpayer.

    (G)    A taxpayer may not claim the tax credit provided in this section unless the public four-year institution to which the donation is made qualifies as an institution of higher learning with a total student population of sixty percent or more low and moderate income students at the time the donation is made.

    (H)    A taxpayer may transfer or assign the tax credit provided in this section, except that for purposes of a time period within which an act must occur pursuant to this section, the transfer or assignment must relate back to the time of original investment made by the transferor or assignor.

    (I)    Notwithstanding any other provision of law, the total amount of credits which may be allowed by the Department of Revenue may not exceed seven million dollars, respectively, for the fiscal years 2002-2003 and 2003-2004. A credit which is disallowed because of this subsection may be carried forward as provided in this section.

    (J)    For the purpose of this section, 'low and moderate income student' means a student who meets the criteria to qualify for the Pell grant program."

SECTION    2.    This act takes effect upon approval by the Governor.

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