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H 3130 - Enacts the South Carolina Opportunity Zone Enhancement Act of 2021

Tracking Level: Of Interest
Sponsor: Marvin Pendarvis
Last Action: 4/7/2021 - House - Member(s) request name added as sponsor: Davis
House Committee: WM
Assigned To:
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Staff Analysis of the Legislation

Summary of the bill as introduced: Creates new income tax credits to taxpayers investing in new projects located in Opportunity Zones. 

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Session 124 - (2021-2022)Printer Friendly
(pdf format)
H 3130 General Bill, By Pendarvis, Thigpen, Cobb-Hunter and Davis
Summary: SC Opportunity Zone Enhancement Act of 2021
    A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, TO ENACT THE "SOUTH CAROLINA OPPORTUNITY ZONE ENHANCEMENT ACT OF 2021" 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, AS AMENDED, 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, AS AMENDED, 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 13-1-47 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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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 82)
01/12/21House Referred to Committee on Ways and Means (House Journal-page 82)
04/07/21House Member(s) request name added as sponsor: Davis



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