Bill Text: SC S0436 | 2021-2022 | 124th General Assembly | Comm Sub
Bill Title: Community development tax credits
Sponsorship: Moderate Partisan Bill (Republican 7-2)
Status: (Passed) 2021-06-01 - Act No. 83 [S0436 Detail]
Download: South_Carolina-2021-S0436-Comm_Sub.html
COMMITTEE AMENDMENT ADOPTED
April 7, 2021
S. 436
Introduced by Senators Cromer, Shealy, Rice, Talley, K. Johnson, Scott, Turner, Alexander and Gambrell
S. Printed 4/7/21--S.
Read the first time January 12, 2021.
A BILL
TO AMEND SECTION 12-6-3530, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO COMMUNITY DEVELOPMENT TAX CREDITS, SO AS TO DELETE AN AGGREGATE CREDIT PROVISION AND SET AN ANNUAL LIMIT.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3530(B) of the 1976 Code, as last amended by Act 77 of 2019, is further amended by adding an appropriately numbered item to read:
"( ) Notwithstanding items (1) and (2), the aggregate limit for all taxpayers in all tax years set forth in items (1) and (2) is increased by three million dollars. Of this additional three million dollars, only one millions dollars may be used for credits earned and certificates issued in tax year 2021, and the remaining two million dollars only may be used for credits earned and certificates issued for tax years beginning after 2021."
SECTION 2. This act takes effect upon approval by the Governor.
