Bill > H3429

This bill amends South Carolina's tax law to expand the Alternative Fuel Tax Credit by modifying the existing income tax credit for businesses and entities investing in alternative fuel infrastructure. Specifically, the bill broadens the definition of "eligible property" to explicitly include electrical equipment and adds electricity to the list of alternative fuels that qualify for the tax credit. Under the revised law, taxpayers can receive a 25% income tax credit for purchasing, leasing, constructing, installing, and placing in service eligible property used for distributing, dispensing, or storing alternative fuels at new or existing fuel facilities. The definition of "taxpayer" is comprehensive, covering individuals, businesses, and even government entities. The tax credit applies to equipment such as pumps, compressors, storage tanks, and related infrastructure that is directly and exclusively used for alternative fuel distribution, with the requirement that such equipment be clearly labeled and identified as associated with alternative fuel. The bill will take effect upon the Governor's approval, providing an incentive for investments in alternative fuel infrastructure in South Carolina.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=3429&session=126&summary=B