Bill > H3362

This bill amends two existing South Carolina tax credit programs - the Textiles Communities Revitalization Act and the Abandoned Buildings Revitalization Act - to allow tax credits to be transferred between taxpayers. Specifically, the bill enables businesses or individuals who have earned these tax credits to sell, exchange, or transfer them to another taxpayer, with the important limitation that each credit can only be transferred once. The transferred credits can be used by the new taxpayer in the year of transfer, with any unused portions able to be carried forward to future tax years. The Department of Revenue is authorized to develop administrative procedures to manage these credit transfers. The purpose appears to be providing more flexibility for businesses to utilize or monetize tax credits earned through community revitalization projects, potentially making these incentive programs more attractive to businesses by allowing credits to be sold if they cannot be fully used by the original recipient. The bill will take effect upon the Governor's approval.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3362&session=126&summary=B