Bill > H5243

This bill amends Section 12-10-95 of the South Carolina Code of Laws to increase the amount of credit a business can claim against its withholding taxes for retraining employees. Specifically, it raises the maximum retraining credit from five thousand dollars to ten thousand dollars over five consecutive years for each eligible production, technology, or warehousing and distribution first-line employee or immediate supervisor who has been continuously employed for at least one year and is a full-time employee. This credit is available to businesses engaged in manufacturing, processing, technology-intensive activities, or warehousing and distribution, provided the retraining is necessary for the business to remain competitive, upgrade employee skills, or introduce new technologies, and is approved by the State Board for Technical and Comprehensive Education. The bill also clarifies that executive training, personal enrichment training, and cross-training on existing company equipment or technology are not eligible for this credit, and the changes will apply to income tax years beginning after 2026.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=5243&session=126&summary=B