South Carolina H 3464: Income tax credit

Bill Text

2025-2026 Bill 3464 Text of Previous Version (Dec. 06, 2024) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3464

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ENACTING THE 
"SMALL BUSINESS EMERGENCY PREPAREDNESS INCOME TAX CREDIT ACT" BY ADDING SECTION 
12-6-3830 SO AS TO PROVIDE AN INCOME TAX CREDIT FOR A SMALL BUSINESS THAT PURCHASES 
A GENERATOR.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. This act may be cited as the "Small Business Emergency Preparedness 
Income Tax Credit Act."

SECTION 2. Article 25, Chapter 6, Title 12 of the S.C. Code is 
amended by adding:

 Section 
12-6-3830. There is allowed a credit against the tax imposed pursuant to this 
chapter for a small business that purchases a generator for its business. The 
credit is equal to one hundred percent of the cost of the generator not to 
exceed ten thousand dollars. For purposes of this section, "small business" 
means a business with twenty-five employees or less that sells unprepared food, 
prepared food, home improvement supplies, prescription drugs, medical supplies, 
gas, diesel, or propane. Any unused credit may be carried forward for three 
years.

SECTION 3. This act takes effect upon approval 
by the Governor and first applies to income tax years after 2024.

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This web page was last updated on December 06, 2024 at 12:05 PM