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H 4657 - Enacts the South Carolina Opportunity Zone Enhancement Act of 2020

Tracking Level: Of Interest
Sponsor: Marvin Pendarvis
Last Action: 1/15/2020 - House - Member(s) request name added as sponsor: Wheeler
House Committee: WM
Assigned To:
Economic DevelopmentNext Bill

Staff Analysis of the Legislation

Summary of the bill as introduced: Requires the SC Department of Commerce to establish the South Carolina Opportunity Zone Leadership Task Force.

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Session 123 - (2019-2020)Printer Friendly
(pdf format)
H 4657 General Bill, By Pendarvis, Robinson, Clyburn and Wheeler
Summary: SC Opportunity Zone Enhancement Act of 2020
    A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, TO ENACT THE "SOUTH CAROLINA OPPORTUNITY ZONE ENHANCEMENT ACT OF 2020" BY ADDING SECTION 12-6-3805 SO AS TO PROVIDE AN INCOME TAX CREDIT TO TAXPAYERS INVESTING IN NEW PROJECTS LOCATED IN AN OPPORTUNITY ZONE IN THIS STATE; BY ADDING SECTION 12-6-3810 SO AS TO ALLOW A TAXPAYER ELIGIBLE FOR A FEDERAL LOW-INCOME HOUSING TAX CREDIT TO CLAIM A LOW-INCOME STATE TAX CREDIT, IF THE PROPERTY IS LOCATED IN DESIGNATED OPPORTUNITY ZONES IN THIS STATE; TO AMEND SECTION 12-6-3360, RELATING TO THE JOBS TAX CREDIT, SO AS TO PROVIDE FOR AN ADDITIONAL CREDIT FOR FULL-TIME JOBS CREATED IN TIER III AND TIER IV COUNTIES WITHIN DESIGNATED OPPORTUNITY ZONES; BY ADDING ARTICLE 27 TO CHAPTER 36, TITLE 12 SO AS TO PROVIDE FOR A SALES TAX REBATE AND CREDIT TO A GROCERY STORE VENDOR WHICH LOCATES A STORE IN AN OPPORTUNITY ZONE IN AN AREA WHICH IS DEFINED AS A "FOOD DESERT"; BY ADDING SECTION 13-1-35 SO AS TO PROVIDE THAT THE DEPARTMENT OF COMMERCE SHALL ESTABLISH A GRANT PROGRAM TO PROVIDE NONRECURRING AID TO TAXPAYERS INVESTING IN NEW PROJECTS IN A DESIGNATED OPPORTUNITY ZONE IN TIER III OR TIER IV COUNTIES ON A PRIORITY BASIS; AND BY ADDING SECTION 13-1-45 SO AS TO ESTABLISH WITHIN THE DEPARTMENT OF COMMERCE A SOUTH CAROLINA OPPORTUNITY ZONE LEADERSHIP TASK FORCE AND TO PROVIDE FOR ITS DUTIES AND FUNCTIONS.
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11/20/19House Prefiled
11/20/19House Referred to Committee on Ways and Means
01/14/20House Introduced and read first time (House Journal-page 58)
01/14/20House Referred to Committee on Ways and Means (House Journal-page 58)
01/15/20House Member(s) request name added as sponsor: Wheeler



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