Bill > H3466

This bill creates the "South Carolina Community Jobs Act," which establishes a targeted income tax credit for businesses hiring specific employees in low-income areas. The tax credit applies to employers operating within South Carolina who hire employees meeting three key criteria: (1) residing within one mile of the employer's facility, (2) receiving either Temporary Assistance for Needy Families (TANF) or Supplemental Nutrition Assistance Program (SNAP) benefits, and (3) earning at least $20 per hour. Eligible employers can claim a nonrefundable tax credit of up to $1,500 for each qualifying employee, with a maximum of 20 employees and a one-year limit per employee. The tax credit can be carried forward for up to three years, allowing businesses to use the credit in future tax years if they cannot fully utilize it in the initial year. The bill will take effect upon the Governor's approval and will first apply to income tax years beginning after 2025, providing a future implementation timeline for businesses to prepare and benefit from the program.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3466&session=126&summary=B