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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: 1/26/2021 - House - Member(s) request name added as sponsor: Hardee
House Committee: WM
Assigned To:
Economic DevelopmentNext Bill
Finance/Revenue/TaxesNext Bill
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Staff Analysis of the Legislation

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 General Bill, By Bailey and Hardee
Summary: License tax credits allowed for contributions to qualifying infrastructure and development projects
    A BILL TO AMEND SECTION 12-20-105, AS AMENDED, 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, TO PROVIDE ADDITIONAL ELIGIBILITY REQUIREMENTS FOR THESE INCREASED CREDIT AMOUNTS, AND TO ALLOW UNUSED CREDITS TO BE CARRIED FORWARD TO THE THREE SUCCEEDING TAX YEARS.
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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 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



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