Bill > S0359

This bill amends South Carolina's tax code to increase the tax credit available to businesses for employee retraining programs. Specifically, the bill doubles the annual retraining credit from one thousand to two thousand dollars per eligible employee and increases the maximum total credit from five thousand to ten thousand dollars over five consecutive years. The credit applies to businesses in manufacturing, processing, technology-intensive activities, warehousing, and distribution sectors that meet certain employment requirements and receive approval from the State Board for Technical and Comprehensive Education. Eligible retraining programs include training on new equipment, technology implementation, management development, and production-related skill upgrades. The bill explicitly excludes executive training, personal enrichment training, and cross-training on existing company equipment from qualifying for the credit. The changes will take effect upon the Governor's approval and will first apply to income tax years beginning after 2025, providing businesses with an expanded incentive to invest in employee skill development and remain competitive in their respective industries.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=0359&session=126&summary=B