SC H4133 | 2019-2020 | 123rd General Assembly

Status

Completed Legislative Action
Spectrum: Moderate Partisan Bill (Democrat 10-2)
Status: Passed on June 5 2019 - 100% progression
Action: 2019-06-05 - Act No. 77
Text: Latest bill text (Amended) [HTML]

Summary

Amend Section 12-6-3530, Code Of Laws Of South Carolina, 1976, Relating To Community Development Tax Credits, So As To Allow A Tax Credit Of Fifty Percent Of Any Cash Donation To A Community Development Corporation Or Community Development Financial Institutions, To Increase An Aggregate Credit Provision, To Establish Tax Credit Reserve Accounts For The First Three Quarters Of Each Tax Year So As To Avoid The Depletion Of Credits By An Individual Taxpayer, To Delete The Pro-rata Distribution Of Tax Credits, To Allow Financial Institutions With Tax Liabilities In This State To Invest In Community Development Corporations For The Purpose Of Receiving A Tax Credit, And To Provide That Returns On Investments In Certified Community Development Corporations And Certified Community Development Financial Institutions May Not Exceed The Total Amount Of The Initial Investment; To Amend Section 4 Of Act 314 Of 2000, As Amended, Relating To Community Development Corporations And Financial Institutions, So As To Extend The Provisions Of The South Carolina Community Economic Development Act Until June 30, 2023; And By Adding Section 12-6-3775 So As To Provide For An Income Tax Credit To An Individual Or Business That Constructs, Purchases, Or Leases Certain Solar Energy Property And That Places It In Service In Certain Places In This State, And To Define Necessary Terms. - Ratified Title

Tracking Information

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Title

Community Development Corporations and Financial Institutions

Sponsors


Roll Calls

2019-05-09 - House - House: Adopt Amendment Number 1a (Y: 98 N: 6 NV: 3 Abs: 16) [PASS]
2019-05-07 - Senate - Senate: 2nd Reading (Y: 35 N: 7 NV: 3 Abs: 0) [PASS]
2019-04-04 - House - House: Passage Of Bill (Y: 93 N: 6 NV: 10 Abs: 13) [PASS]

History

DateChamberAction
2019-06-05 Act No. 77
2019-05-31 Effective date 05/16/19
2019-05-16 Signed By Governor
2019-05-13 Ratified R 97
2019-05-09SenateConcurred in House amendment and enrolled
2019-05-09HouseReturned to Senate with amendments
2019-05-09HouseSenate amendment amended
2019-05-08SenateRead third time and returned to House with amendments
2019-05-08 Scrivener's error corrected
2019-05-07SenateRoll call Ayes-35 Nays-7
2019-05-07SenateRead second time
2019-05-07SenateAmended
2019-04-30SenateRecalled from Committee on Finance
2019-04-09SenateReferred to Committee on Finance
2019-04-09SenateIntroduced and read first time
2019-04-05HouseRead third time and sent to Senate
2019-04-04HouseUnanimous consent for third reading on next legislative day
2019-04-04HouseRoll call Yeas-93 Nays-6
2019-04-04HouseRead second time
2019-03-27HouseCommittee report: Favorable Ways and Means
2019-02-27HouseReferred to Committee on Ways and Means
2019-02-27HouseIntroduced and read first time

Same As/Similar To

S0424 (Similar To) 2019-01-24 - Referred to Committee on Finance
S0879 (Similar To) 2020-01-14 - Referred to Committee on Finance

Code Citations

ChapterArticleSectionCitation TypeStatute Text
1263530(n/a)See Bill Text
1263775(n/a)See Bill Text

South Carolina State Sources


Bill Comments

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