South Carolina H 3362: Transfer of tax credits

Bill Text

2025-2026 Bill 3362 Text of Previous Version (Dec. 06, 2024) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3362

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 AMENDING 
SECTION 12-65-30, RELATING TO THE SOUTH CAROLINA TEXTILES COMMuNITIES 
REVITALIZATION ACT, SO AS TO ALLOW SUCH INCOME TAX CREDITS TO BE TRANSFERRED; 
AND BY AMENDING SECTION 12-67-140, RELATING TO THE SOUTH CAROLINA ABANDONED 
BUILDINGS REVITALIZATION ACT, SO AS TO ALLOW SUCH INCOME TAX CREDITS TO BE 
TRANSFERRED.

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

SECTION 1. Section 12-65-30(C) of the S.C. Code is amended by 
adding:

 (8) In addition to the provisions of 
item (6), the credit may be sold, exchanged, or otherwise transferred. A tax 
credit or increment of a tax credit transferred pursuant to this item, may be 
transferred only once. The credit may be transferred to any taxpayer. A 
taxpayer to whom a credit has been transferred may use the credit for the 
taxable year in which the transfer occurred and unused amounts may be carried 
forward to succeeding taxable years. The Department of Revenue may develop 
procedures for the transfer of the credits.

SECTION 2. Section 12-67-140(B) of the S.C. Code is amended by 
adding:

 (7) In addition to the provisions of 
item (5), the credit may be sold, exchanged, or otherwise transferred. A tax 
credit or increment of a tax credit transferred pursuant to this item, may be 
transferred only once. The credit may be transferred to any taxpayer. A 
taxpayer to whom a credit has been transferred may use the credit for the 
taxable year in which the transfer occurred and unused amounts may be carried 
forward to succeeding taxable years. The Department of Revenue may develop 
procedures for the transfer of the credits.

SECTION 3. This act takes effect upon approval 
by the Governor.

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This web page was last updated on December 06, 2024 at 11:40 AM