South Carolina S 521: Community development tax credits

Bill Text

South Carolina General Assembly

125th Session, 2023-2024



S. 521



STATUS INFORMATION



General Bill

Sponsors: Senators Cromer, K. Johnson, Turner, Verdin, Talley, Williams and Jackson

Companion/Similar bill(s): 4118

Document Path: LC-0227SA23.docx



Introduced in the Senate on February 9, 2023

Currently residing in the Senate Committee on Finance



Summary: Community development tax credits





HISTORY OF LEGISLATIVE ACTIONS



	Date	Body	Action Description with journal page number	

	2/9/2023	Senate	Introduced and read first time (Senate Journal‑page 10)

	2/9/2023	Senate	Referred to Committee on Finance (Senate Journal‑page 10)



View the latest  legislative information  at the website





VERSIONS OF THIS BILL



02/09/2023

02/09/2023-A

























A bill



TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-3530, RELATING TO COMMUNITY DEVELOPMENT TAX CREDITS, SO AS TO EXTEND THE CREDIT AND TO PROVIDE FOR AN INCREASE IN THE CREDIT AMOUNT.



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



SECTION 1.	Section 12-6-3530(B) of the S.C. Code is amended to read:



	(B)(1) The total amount of credits allowed pursuant to this section may not exceed in the aggregate five fifteen million dollars for all taxpayers and all calendar years and one three million dollars for all taxpayers in one calendar year.

		(2) Notwithstanding item (1), the aggregate limit for all taxpayers in all tax years set forth in item (1) is increased by one million dollars. This additional one million dollars may only be used for credits earned and certificates issued in tax years beginning after 2018.

		(3) Notwithstanding items (1) and (2), the aggregate limit for all taxpayers in all tax years set forth in items (1) and (2) is increased by three million dollars.  Of this additional three million dollars, only one million dollars may be used for credits earned and certificates issued in tax year 2021, and the remaining two million dollars only may be used for credits earned and certificates issued for tax years beginning after 2021.



SECTION 2.	Section 4 of Act 314 of 2000 is amended to read:



	SECTION 4.	Unless reauthorized by the General Assembly, the provisions of this act shall terminate on June 30, 2023 2029, and this act and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date.



SECTION 3.	This act takes effect upon approval by the Governor and first applies to tax years beginning after 2022.

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