SC S0337 | 2015-2016 | 121st General Assembly

Status

Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 15 2015 - 25% progression, died in chamber
Action: 2015-01-28 - Committed to Committee on Finance
Text: Latest bill text (Introduced) [HTML]

Summary

Provide A Credit Against Insurance Premium Taxes And Possible Other States Taxes Made In Certain Investments By Qualified Community Development Entities, Providing Investment Capital For A Qualified Active Low Income Community Small Business Located In This State, To Model This State Insurance Premium Tax Credit On The Federal New Markets Tax Credit Program Providing Federal Income Tax Credits For Such Investments But Limited To Investments In This State, To Adopt Federal Definitions As Applicable For The Credit But Modified To Reflect The Particular South Carolina Application Of The Credits, To Provide A Maximum Initial Individual Investment, A Maximum Overall Limit For All Such Investments Eligible For The Credit, And An Annual Maximum Amount Of Credit That May Be Claimed, To Provide That These Credits Apply Over Seven Years And Are Nonrefundable And Not Saleable, To Require Fees For Processing Applications For Such Credits And For Recapture Of The Credits If Qualifications Are Not Maintained, To Provide For Letter Rulings By The Department Of Revenue When Federal Regulations Do Not Provide Specific Guidance, And To Provide Other Limitations And Restrictions And Reporting Requirements.

Tracking Information

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Title

SC New Market Jobs Act

Sponsors


History

DateChamberAction
2015-01-28SenateCommitted to Committee on Finance
2015-01-28SenateRecalled from Committee on Banking and Insurance
2015-01-15SenateReferred to Committee on Banking and Insurance
2015-01-15SenateIntroduced and read first time

Same As/Similar To

H3837 (Similar To) 2015-03-20 - Scrivener's error corrected

South Carolina State Sources


Bill Comments

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