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H 3725 - Makes changes to the SC Abandoned Buildings Revitalization Act

Tracking Level: Passed
Sponsor: James Smith
Last Action: 6/15/2015 - Act No. 68
House Committee:
Assigned To:
Finance/Revenue/TaxesNext Bill

Staff Analysis of the Legislation

05.19.2015 The Senate Finance Committee gave this bill a favorable report.
04.22.2015 The House Ways and Means Committee gave this bill a favorable report with an amendment. The amendment conforms the bill to the Senate version of the bill, S532.
04.15.2015 The House Ways and Means Sales and Income Tax subcommittee gave this bill a favorable report with amendments. The amendment removes the solar reference and reduces the cap from one million to $500,000.
Summary of the bill as introduced: Adds the definition of state-owned abandoned buildings and certain tax credits for rehabilitating state-owned buildings.

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Session 121 - (2015-2016)Printer Friendly
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H*3725 (Rat #0097, Act #0068 of 2015) General Bill, By J.E. Smith, Quinn, Lowe, Jordan and W.J. McLeod
Similar (S 0532, H 3908)
Summary: State-owned abandoned buildings
    AN ACT TO AMEND SECTION 12-6-3535, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TAX CREDITS FOR MAKING QUALIFIED REHABILITATION EXPENDITURES FOR CERTIFIED HISTORIC STRUCTURES, SO AS TO PROVIDE THAT A TAXPAYER MAY ELECT A TWENTY-FIVE PERCENT TAX CREDIT IN LIEU OF THE TEN PERCENT TAX CREDIT, NOT TO EXCEED ONE MILLION DOLLARS FOR EACH CERTIFIED HISTORIC STRUCTURE, TO PROVIDE FOR THE TIME PERIOD IN WHICH THE CREDIT MUST BE TAKEN, AND TO PROVIDE THAT THE TAX CREDIT MAY BE ASSIGNED; TO AMEND SECTION 12-67-120, RELATING TO DEFINITIONS, SO AS TO PROVIDE A DEFINITION FOR "STATE-OWNED ABANDONED BUILDING"; TO AMEND SECTION 12-67-140, RELATING TO ELIGIBILITY FOR THE ABANDONED BUILDING TAX CREDIT, SO AS TO INCLUDE INSURANCE PREMIUM TAXES AS ONE OF THE TAXES AGAINST WHICH A CREDIT CAN BE CLAIMED, TO PROVIDE FOR THE TIME PERIOD IN WHICH THE CREDIT MUST BE TAKEN, AND TO REMOVE A LIMITATION RELATED TO THE AMOUNT A TAXPAYER'S TAX LIABILITY MAY BE REDUCED; AND BY ADDING SECTION 12-67-160 SO AS TO PROVIDE FOR THE MANNER IN WHICH A TAXPAYER MAY APPLY TO OBTAIN CERTIFICATION OF THE ABANDONED BUILDING SITE. - ratified title
View full text          View Vote History          View Fiscal Impact
02/25/15House Introduced and read first time (House Journal-page 16)
02/25/15House Referred to Committee on Ways and Means (House Journal-page 16)
04/23/15House Member(s) request name added as sponsor: Lowe, Jordan
04/23/15House Committee report: Favorable with amendment Ways and Means (House Journal-page 120)
04/28/15 Scrivener's error corrected
04/28/15House Member(s) request name added as sponsor: W.J.McLeod
04/28/15House Amended (House Journal-page 108)
04/28/15House Read second time (House Journal-page 108)
04/28/15House Roll call Yeas-85 Nays-10 (House Journal-page 115)
04/29/15House Read third time and sent to Senate (House Journal-page 18)
04/29/15Senate Introduced and read first time (Senate Journal-page 13)
04/29/15Senate Referred to Committee on Finance (Senate Journal-page 13)
04/29/15 Scrivener's error corrected
05/20/15Senate Committee report: Favorable Finance (Senate Journal-page 8)
05/21/15 Scrivener's error corrected
05/28/15Senate Read second time (Senate Journal-page 16)
05/28/15Senate Roll call Ayes-34 Nays-0 (Senate Journal-page 16)
06/02/15Senate Read third time and enrolled (Senate Journal-page 22)
06/03/15 Ratified R 97
06/09/15 Signed By Governor
06/12/15 Effective date 06/09/15
06/15/15 Act No. 68



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