summary
Introduced
01/10/2023
01/10/2023
In Committee
01/10/2023
01/10/2023
Crossed Over
Passed
Dead
05/09/2024
05/09/2024
Introduced Session
125th General Assembly
Bill Summary
A bill to amend the South Carolina Code of Laws by adding Section 12-6-3810 so as to PROVIDE FOR AN INCOME TAX CREDIT TO AN INDIVIDUAL OR BUSINESS THAT CONSTRUCTS, PURCHASES, OR LEASES CERTAIN SOLAR ENERGY PROPERTY AND PLACES IT IN SERVICE IN THIS STATE, AND TO PROVIDE A DEFINITION OF "SOLAR ENERGY PROPERTY".
AI Summary
This bill provides for an income tax credit to individuals or businesses that construct, purchase, or lease certain solar energy property and place it in service in South Carolina. The credit is equal to 25% of the cost, including installation, of the solar energy property, and can be claimed in five equal annual installments. The total amount of credits available to be claimed in a taxable year is capped at $2.5 million. The bill defines "solar energy property" to include nonresidential solar energy equipment with a minimum capacity of 1,900 kilowatts that uses solar radiation as a substitute for traditional energy sources. The bill takes effect for income tax years beginning after 2022, but is repealed on December 31, 2024, except that any credits earned before the repeal can still be claimed.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to Committee on Ways and Means (on 01/10/2023)
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=3106&session=125&summary=B |
| BillText | https://www.scstatehouse.gov/sess125_2023-2024/prever/3106_20221208.htm |
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