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Sponsors: Reps. Merrill, Herbkersman, Funderburk, Mulvaney and Mahaffey
Document Path: l:\council\bills\nbd\11118ssp07.doc
Companion/Similar bill(s): 1142
Introduced in the House on January 30, 2007
Introduced in the Senate on May 22, 2007
Currently residing in the Senate Committee on Finance
Summary: Income tax credit
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/30/2007 House Introduced and read first time HJ-28 1/30/2007 House Referred to Committee on Ways and Means HJ-28 2/15/2007 House Member(s) request name added as sponsor: Funderburk 5/1/2007 House Member(s) request name added as sponsor: Mulvaney 5/15/2007 House Committee report: Favorable Ways and Means HJ-4 5/16/2007 House Member(s) request name added as sponsor: Mahaffey 5/16/2007 House Read second time HJ-31 5/17/2007 House Read third time and sent to Senate HJ-14 5/22/2007 Senate Introduced and read first time SJ-10 5/22/2007 Senate Referred to Committee on Finance SJ-10
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VERSIONS OF THIS BILL
May 15, 2007
Introduced by Reps. Merrill, Herbkersman, Funderburk and Mulvaney
S. Printed 5/15/07--H.
Read the first time January 30, 2007.
To whom was referred a Bill (H. 3390) to amend the Code of Laws of South Carolina, 1976, by adding Section 12-6-3588 so as to allow a state income tax credit equal to twenty percent, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
DANIEL T. COOPER for Committee.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3588 SO AS TO ALLOW A STATE INCOME TAX CREDIT EQUAL TO TWENTY PERCENT OF THE QUALIFIED EXPENDITURES OF PHOTOVOLTAIC, SOLAR, AND FUEL CELL PROPERTY CREDITS ALLOWED AGAINST A TAXPAYER'S FEDERAL INCOME TAX LIABILITY.
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 12-6-3588. (A) A South Carolina resident taxpayer who is eligible for and claims the qualified photovoltaic property expenditure credit, solar water heating property expenditure credit, or fuel cell property expenditure credit provided pursuant to federal Internal Revenue Code Section 25D is allowed a credit against the income taxes imposed pursuant to this chapter in an amount equal to twenty percent of that federal income tax credit. The credit allowed by this section is nonrefundable and if the amount of the credit exceeds the taxpayer's liability for the applicable taxable year, any unused credit may be carried forward and claimed in the five succeeding taxable years.
(B) The credit amount allowed by this section must be calculated without regard to the phase-out time limit of Internal Revenue Code Section 25D(g) and, for purposes of the credits allowed pursuant to this section, the provisions of Internal Revenue Code Section 25D are deemed permanent law."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2006.
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