summary
Introduced
01/14/2025
01/14/2025
In Committee
01/14/2025
01/14/2025
Crossed Over
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Enacting The "small Business Emergency Preparedness Income Tax Credit Act" By Adding Section 12-6-3830 So As To Provide An Income Tax Credit For A Small Business That Purchases A Generator.
AI Summary
This bill introduces a new income tax credit for small businesses that purchase generators, aimed at improving emergency preparedness. Specifically, the bill allows businesses with 25 employees or fewer in certain essential sectors (including food sales, home improvement, medical supplies, and fuel providers) to claim a tax credit equal to 100% of the generator's cost, up to a maximum of $10,000. The credit can be carried forward for three years if not fully used in the initial tax year, and will become applicable for income tax years starting after 2024. The legislation is designed to help small businesses maintain operations during potential emergencies by providing financial assistance for backup power equipment, with the tax credit serving as an incentive for businesses to invest in emergency preparedness infrastructure.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to Committee on Ways and Means (on 01/14/2025)
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=3464&session=126&summary=B |
| Fiscal Note - H3464 2025-01-14 Introduced | https://www.scstatehouse.gov/sess126_2025-2026/fiscalimpactstatements/H3464%202025-01-14%20introduced.pdf |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/3464_20241205.htm |
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