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H 3340 - Increases the maximum annual credit amount for infrastructure and economic development projects

Tracking Level: Of Interest
Sponsor: William Bailey
Last Action: 5/31/2022 - Act No. 184
House Committee: WM
Senate Committee: Fin
Assigned To:
Economic DevelopmentNext Bill
Finance/Revenue/TaxesNext Bill

Staff Analysis of the Legislation

05.03.2022 The Senate Finance Committee gave this bill a favorable report as amended. The amendment only makes technical changes.  
04.27.2022 The Senate Finance Natural Resources and Economic Development subcommittee gave this bill a favorable report as amended. The amendment only made technical amendments.
03.31.2022 The House Ways and Means Committee gave this bill a favorable report as amended. The amendment only corrects a technical error.
Summary of the bill as introduced: Increases the maximum annual state license credits allowed taxpayers for contributions to qualifying infrastructure and economic development projects from $400,000 to $600,000.  

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Session 124 - (2021-2022)Printer Friendly
(pdf format)
H*3340 (Rat #0201, Act #0184 of 2022) General Bill, By Bailey, Hardee, Atkinson, Hayes, Brittain and Weeks
Similar (S 1189)
Summary: License tax credits allowed for contributions to qualifying infrastructure and development projects
    AN ACT TO AMEND SECTION 12-20-105, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO STATE LICENSE TAX CREDITS ALLOWED CERTAIN TAXPAYERS FOR CONTRIBUTIONS TO QUALIFYING INFRASTRUCTURE AND ECONOMIC DEVELOPMENT PROJECTS, SO AS TO INCREASE THE MAXIMUM ANNUAL CREDIT AMOUNT FROM FOUR HUNDRED THOUSAND TO SIX HUNDRED THOUSAND DOLLARS, TO PROVIDE ADDITIONAL ANNUAL CREDIT AMOUNTS OF FIFTY THOUSAND DOLLARS, ONE HUNDRED THOUSAND DOLLARS, AND ONE HUNDRED FIFTY THOUSAND DOLLARS, RESPECTIVELY, FOR QUALIFYING PROJECTS LOCATED IN COUNTIES CLASSIFIED FOR THE TARGETED JOBS TAX CREDIT AS TIER II, III, AND IV COUNTIES, AND TO PROVIDE ADDITIONAL ELIGIBILITY REQUIREMENTS FOR THESE INCREASED CREDIT AMOUNTS. - ratified title
View full text          View Vote History          View Fiscal Impact
12/09/20House Prefiled
12/09/20House Referred to Committee on Ways and Means
01/12/21House Introduced and read first time (House Journal-page 164)
01/12/21House Referred to Committee on Ways and Means (House Journal-page 164)
01/26/21House Member(s) request name added as sponsor: Hardee
03/10/22House Member(s) request name added as sponsor: Atkinson, Hayes, Brittain
03/31/22House Member(s) request name added as sponsor: Weeks
03/31/22House Committee report: Favorable with amendment Ways and Means (House Journal-page 27)
04/01/22 Scrivener's error corrected
04/05/22House Debate adjourned (House Journal-page 22)
04/06/22House Amended (House Journal-page 59)
04/06/22House Read second time (House Journal-page 59)
04/06/22House Roll call Yeas-104 Nays-6 (House Journal-page 63)
04/07/22House Read third time and sent to Senate
04/07/22Senate Introduced and read first time (Senate Journal-page 5)
04/07/22Senate Referred to Committee on Finance (Senate Journal-page 5)
04/07/22 Scrivener's error corrected
05/03/22Senate Committee report: Favorable with amendment Finance (Senate Journal-page 7)
05/04/22Senate Committee Amendment Adopted (Senate Journal-page 48)
05/10/22Senate Read second time (Senate Journal-page 54)
05/10/22Senate Roll call Ayes-40 Nays-3 (Senate Journal-page 54)
05/11/22Senate Read third time and returned to House with amendments (Senate Journal-page 9)
05/11/22Senate Roll call Ayes-36 Nays-5 (Senate Journal-page 9)
05/12/22House Concurred in Senate amendment and enrolled (House Journal-page 78)
05/12/22House Roll call Yeas-98 Nays-3 (House Journal-page 78)
05/12/22 Ratified R 201
05/16/22 Signed By Governor
05/31/22 Effective date 05/16/22
05/31/22 Act No. 184


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