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H 5075 - Limits the SC Housing Tax Credit

Tracking Level: Of Interest
Sponsor: Murrell Smith (R)
Last Action: 5/31/2022 - Act No. 202
House Committee: WM
Senate Committee: Fin
Assigned To:
Finance/Revenue/TaxesNext Bill
General GovernanceNext Bill

Staff Analysis of the Legislation
03.31.2022 The House Ways and Means Committee gave this bill a favorable report as amended by the subcommittee.
03.29.2022 The House Ways and Means Economic Development subcommittee gave this bill a favorable report as amended. The amendment requires 40% of the cap to be applied to rural areas.
Summary of the bill as introduced: Limits the SC Housing Tax credit.

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Session 124 - (2021-2022)Printer Friendly
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H*5075 (Rat #0228, Act #0202 of 2022) General Bill, By G.M. Smith and West
Similar (S 1120)
Summary: Housing tax credit
    AN ACT TO AMEND SECTION 12-6-3795, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE SOUTH CAROLINA HOUSING TAX CREDIT, SO AS TO DEFINE TERMS AND LIMIT THE CREDIT; TO PROVIDE A ONE-TIME AUTHORIZATION OF SOUTH CAROLINA HOUSING TAX CREDITS FOR CERTAIN PROJECTS APPROVED BEFORE 2022; TO AMEND ARTICLE 3 OF CHAPTER 11, TITLE 1, RELATING TO THE ALLOCATION OF STATE CEILING ON ISSUANCE OF PRIVATE ACTIVITY BONDS, SO AS TO REQUIRE THE STATE FISCAL ACCOUNTABILITY AUTHORITY TO DEVELOP A STATE CEILING ALLOCATION PLAN ANNUALLY, TO SPECIFY REQUIREMENTS OF THE PLAN, AND TO PROVIDE A PROCESS FOR PERIODIC ALLOCATIONS OF THE STATE CEILING; AND TO REPEAL SECTION 1-11-370 RELATING TO INDEBTEDNESS INCLUDED WITHIN ANY LIMITS ON PRIVATE ACTIVITY BONDS. - ratified title
View full text          View Vote History          View Fiscal Impact
03/03/22House Introduced and read first time (House Journal-page 23)
03/03/22House Referred to Committee on Ways and Means (House Journal-page 23)
03/31/22House Committee report: Favorable with amendment Ways and Means (House Journal-page 31)
04/05/22House Member(s) request name added as sponsor: West
04/05/22 Scrivener's error corrected
04/06/22House Amended (House Journal-page 77)
04/06/22House Read second time (House Journal-page 77)
04/06/22House Roll call Yeas-99 Nays-5 (House Journal-page 85)
04/07/22House Read third time and sent to Senate
04/07/22Senate Introduced and read first time (Senate Journal-page 11)
04/07/22Senate Referred to Committee on Finance (Senate Journal-page 11)
04/07/22 Scrivener's error corrected
04/12/22Senate Recalled from Committee on Finance (Senate Journal-page 6)
04/13/22 Scrivener's error corrected
04/20/22Senate Amended (Senate Journal-page 32)
04/20/22Senate Read second time (Senate Journal-page 32)
04/20/22Senate Roll call Ayes-44 Nays-0 (Senate Journal-page 32)
04/21/22Senate Read third time and returned to House with amendments (Senate Journal-page 8)
04/21/22 Scrivener's error corrected
04/25/22 Scrivener's error corrected
04/27/22House Debate adjourned (House Journal-page 33)
05/04/22House Senate amendment amended (House Journal-page 52)
05/04/22House Roll call Yeas-106 Nays-3 (House Journal-page 53)
05/04/22House Returned to Senate with amendments (House Journal-page 54)
05/05/22 Scrivener's error corrected
05/10/22Senate Concurred in House amendment and enrolled (Senate Journal-page 83)
05/10/22Senate Roll call Ayes-41 Nays-2 (Senate Journal-page 83)
05/12/22 Ratified R 228
05/16/22 Signed By Governor
05/31/22 Effective date See Act for Effective Date
05/31/22 Act No. 202


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