summary
Introduced
01/14/2020
01/14/2020
In Committee
01/14/2020
01/14/2020
Crossed Over
Passed
Dead
09/24/2020
09/24/2020
Introduced Session
123rd General Assembly
Bill Summary
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.
AI Summary
This bill amends Section 12-6-3530 of the South Carolina Code of Laws, which relates to community development tax credits. It removes the aggregate credit limit of $5 million for all taxpayers and $1 million for all taxpayers in one calendar year. Instead, it sets an annual limit of $2 million for tax year 2020 and $3 million for tax years after 2020. This change aims to provide more flexibility and increase the available tax credits for community development projects in South Carolina.
Committee Categories
Budget and Finance
Sponsors (10)
Ronnie Cromer (R)*,
Thomas Alexander (R),
Karl Allen (D),
Margie Matthews (D),
Glenn Reese (D),
Rex Rice (R),
John Scott (D),
Katrina Shealy (R),
Scott Talley (R),
Ross Turner (R),
Last Action
Referred to Committee on Finance (on 01/14/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=0879&session=123&summary=B |
| BillText | https://www.scstatehouse.gov/sess123_2019-2020/prever/879_20191211.htm |
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