summary
Introduced
01/15/2019
01/15/2019
In Committee
02/07/2019
02/07/2019
Crossed Over
02/07/2019
02/07/2019
Passed
03/21/2019
03/21/2019
Dead
Signed/Enacted/Adopted
04/08/2019
04/08/2019
Introduced Session
123rd General Assembly
Bill Summary
Amend Section 12-6-3585, Code Of Laws Of South Carolina, 1976, Relating To The Industry Partnership Fund Tax Credit, So As To Increase The Aggregate Annual Credit Amount, Set Certain Qualifications, And To Require The South Carolina Research Authority To Issue An Annual Report. - Ratified Title
AI Summary
This bill amends Section 12-6-3585 of the South Carolina Code of Laws to increase the aggregate annual tax credit amount for the Industry Partnership Fund tax credit from $6 million to $9 million, with the increase phased in over three years. It sets certain qualifications for taxpayers to claim the credit, including a requirement to make a commitment to contribute to the fund by April 1 of the applicable tax year. The bill also requires the South Carolina Research Authority (SCRA) to issue an annual report on the contributions, taxpayers who received the credit, and how the contributions were expended or are expected to be expended.
Committee Categories
Budget and Finance
Sponsors (10)
Jason Elliott (R)*,
Bruce Bannister (R),
Alan Clemmons (R),
Shannon Erickson (R),
Cal Forrest (R),
Dwight Loftis (R),
J. Gary Simrill (R),
Murrell Smith (R),
Leon Stavrinakis (D),
Jay West (R),
Last Action
Act No. 15 (on 04/08/2019)
Official Document
bill text
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bill summary
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bill summary
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