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A390, R318, H4951
Sponsors: Rep. Cobb-Hunter
Document Path: l:\council\bills\bbm\9372htc06.doc
Introduced in the House on April 5, 2006
Introduced in the Senate on April 26, 2006
Passed by the General Assembly on May 11, 2006
Governor's Action: May 24, 2006, Vetoed
Legislative veto action(s): Veto overridden
Summary: Job tax credit
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 4/5/2006 House Introduced and read first time HJ-7 4/5/2006 House Referred to Committee on Ways and Means HJ-7 4/20/2006 House Committee report: Favorable Ways and Means HJ-5 4/25/2006 House Read second time HJ-78 4/26/2006 House Read third time and sent to Senate HJ-18 4/26/2006 Senate Introduced and read first time SJ-17 4/26/2006 Senate Referred to Committee on Finance SJ-17 5/9/2006 Senate Recalled from Committee on Finance SJ-2 5/9/2006 Senate Read second time SJ-2 5/9/2006 Senate Unanimous consent for third reading on next legislative day SJ-2 5/11/2006 Scrivener's error corrected 5/11/2006 Senate Read third time and enrolled SJ-2 5/18/2006 Ratified R 318 5/24/2006 Vetoed by Governor 5/30/2006 House Veto overridden by originating body Yeas-83 Nays-16 HJ-31 6/14/2006 Senate Veto overridden Yeas-45 Nays-0 SJ-75 6/21/2006 Copies available 6/21/2006 Effective date See Act for Effective Date 6/28/2006 Act No. 390
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
(A390, R318, H4951)
AN ACT TO AMEND SECTION 12-6-3360, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TARGETED JOBS TAX CREDIT, SO AS TO PROVIDE THAT IN A COUNTY OF AT LEAST ONE THOUSAND SQUARE MILES IN SIZE AND WHICH HAS HAD AN UNEMPLOYMENT RATE GREATER THAN THE STATE AVERAGE AND AN AVERAGE PER CAPITA INCOME LOWER THAN THE STATE AVERAGE PER CAPITA INCOME FOR THE PAST TEN YEARS AND WHICH IS OTHERWISE NOT ELIGIBLE FOR ANY SPECIAL CLASSIFICATION, THE TARGETED JOBS TAX CREDIT ALLOWED IN THE COUNTY IS TWO TIERS HIGHER THAN THE CREDIT FOR WHICH THE COUNTY WOULD OTHERWISE QUALIFY.
Be it enacted by the General Assembly of the State of South Carolina:
Jobs tax credit
SECTION 1. Section 12-6-3360(B)(5) of the 1976 Code, as last amended by Act 161 of 2005, is further amended by adding a subitem at the end of the item to read:
"(g) In a county which is at least one thousand square miles in size and which has had an unemployment rate greater than the state average for the past ten years and an average per capita income lower than the average state per capita income for the past ten years, and which is not included in any of the county classifications contained in subitems (a) through (f) of this item, the credit allowed is two tiers higher than the credit for which the county otherwise would qualify."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2005 and applies for any company which applied for job development credits pursuant to Section 12-6-3360 of the 1976 Code after 2005.
Ratified the 18th day of May, 2006.
Vetoed by the Governor -- 5/24/06.
Veto overridden by House -- 5/30/06.
Veto overridden by Senate -- 6/14/06.
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