Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

1098

VIEWS: 11 PAGES: 5

									                                   South Carolina General Assembly
                                       117th Session, 2007-2008

S. 1098

STATUS INFORMATION

General Bill
Sponsors: Senator Alexander
Document Path: l:\s-res\tca\009recy.dag.doc
Companion/Similar bill(s): 4927

Introduced in the Senate on February 13, 2008
Currently residing in the Senate

Summary: Recycle facility


HISTORY OF LEGISLATIVE ACTIONS

    Date     Body     Action Description with journal page number
 2/13/2008   Senate   Introduced and read first time SJ-17
 2/13/2008   Senate   Referred to Committee on Finance SJ-17
 4/23/2008   Senate   Committee report: Favorable with amendment Finance SJ-20

View the latest legislative information at the LPITS web site


VERSIONS OF THIS BILL

2/13/2008
4/23/2008
 1 COMMITTEE REPORT
 2 April 23, 2008
 3
 4                                                          S. 1098
 5
 6                    Introduced by Senator Alexander
 7
 8   S. Printed 4/23/08--S.
 9   Read the first time February 13, 2008.
10
11
12                THE COMMITTEE ON FINANCE
13      To whom was referred a Bill (S. 1098) to amend Article 25,
14   Chapter 6, Title 12 of the 1976 Code, by adding Section 12-6-
15   3680, to provide a refundable tax credit to a recycling, etc.,
16   respectfully
17                             REPORT:
18      That they have duly and carefully considered the same and
19   recommend that the same do pass with amendment:
20
21      Amend the bill, as and if amended, by striking SECTION 1 in
22   its entirety and inserting:
23      /     SECTION 1. Article 25, Chapter 6, Title 12 of the 1976
24   Code is amended by adding:
25      “Section 12-6-3680. (A) For purposes of this section:
26         (1) „Recycling facility‟ means a facility located in South
27   Carolina that:
28            (a) engages in recycling as defined in Section
29   44-96-40(37); and
30            (b) manufactures product for sale composed of over fifty
31   percent post-consumer recycled content and pre-consumer
32   recycled content by weight or by volume.
33      (B) A taxpayer owning and operating a recycling facility as
34   defined in subsection (A) is allowed a refundable income tax credit
35   equal to the yearly amount expended by the recycling facility for
36   electric service used in the manufacturing process multiplied by
37   the percentage of recycled content calculated in subsection
38   (A)(1)(b) of this section, and multiplied by the following:
39         (1) one percent in the first year the credit is claimed;
40         (2) two percent in the second year the credit is claimed;
41         (3) three percent in the third year the credit is claimed;
42         (4) four percent in the fourth year the credit is claimed; and

     [1098-1]
 1         (5) four percent in subsequent years, not to exceed the
 2   amount of credit received pursuant to item (4).
 3      (C) The credit is first allowed against returns due to be filed in
 4   fiscal year 2009-2010. A credit is not allowed and may not be
 5   claimed for a taxable year except as provided in subsection (E).
 6      (D) A taxpayer may claim the credit allowed in this section
 7   only on the taxpayer‟s annual return. The taxpayer shall provide
 8   all information that the department determines is necessary for the
 9   calculation and administration of the credit.
10      (E) Beginning with the February 15, 2009, forecast by the
11   Board of Economic Advisors of annual general fund revenue
12   growth for the upcoming fiscal year, and annually after that, if the
13   forecast of that growth then and in any adjusted forecast made
14   before the beginning of the fiscal year equals at least five percent
15   of the most recent estimate by the board of general fund revenues
16   for the current fiscal year, then the applicable credit is allowed for
17   the taxable year returns for which are due in the fiscal year
18   beginning July first. If the February fifteenth forecast or adjusted
19   forecast annual general fund revenue growth for the upcoming
20   fiscal year meets the requirement for the credit, the board promptly
21   shall certify this result in writing to the department.
22      (F) The recycling facility must maintain or increase the number
23   of employees in South Carolina in order to qualify for the credit.
24   The benchmark for the number of employees of a recycling facility
25   is the number of employees submitted to the department in the
26   initial claim seeking the credit. The recycling facility must submit
27   a notarized certification of the number of employees to the
28   Department of Revenue each year.”               /
29      Renumber sections to conform.
30      Amend title to conform.
31
32   HUGH K. LEATHERMAN, SR. for Committee.
33




     [1098-2]
 1
 2
 3
 4
 5
 6
 7
 8
 9                              A BILL
10
11   TO AMEND ARTICLE 25, CHAPTER 6, TITLE 12 OF THE
12   1976 CODE, BY ADDING SECTION 12-6-3680, TO PROVIDE
13   A REFUNDABLE TAX CREDIT TO A RECYCLING
14   FACILITY EQUAL TO THE YEARLY AMOUNT EXPENDED
15   BY THE RECYCLING FACILITY FOR ELECTRIC SERVICE
16   MULTIPLIED BY ONE PERCENT IN THE FIRST YEAR THE
17   CREDIT IS CLAIMED, TWO PERCENT IN THE SECOND
18   YEAR, AND INCREASING BY TWO PERCENT IN THE
19   YEARS THEREAFTER UP TO A MAXIMUM OF EIGHT
20   PERCENT, AND TO PROVIDE THAT THE CREDIT SHALL
21   ONLY TAKE EFFECT IF THE ANNUAL FEBRUARY
22   FIFTEENTH FORECAST BY THE BOARD OF ECONOMIC
23   ADVISORS OF ANNUAL GENERAL FUND REVENUE
24   FORECASTS GROWTH THAT EQUALS AT LEAST FIVE
25   PERCENT OF THE MOST RECENT ESTIMATE.
26
27   Be it enacted by the General Assembly of the State of South
28   Carolina:
29
30   SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is
31   amended by adding:
32
33   “Section 12-6-3680. (A) For purposes of this section:
34        (1) „Recycling facility‟ means a facility located in South
35   Carolina that:
36          (a) engages in recycling as defined in Section
37   44-96-40(37);
38          (b) manufactures product for sale composed of over fifty
39   percent post-consumer recycled content and pre-consumer
40   recycled content by weight or by volume;
41          (c) produces over fifty thousand tons of product, which is
42   manufactured as recycled content, for sale in a calendar year; and

     [1098]                          1
 1           (d) employs at least one hundred employees in South
 2   Carolina.
 3      (B) For taxable years beginning July 1, 2009, a recycling
 4   facility as defined in subsection (A) is allowed a refundable
 5   income tax credit equal to the yearly amount expended by the
 6   recycling facility for electric service multiplied by one percent in
 7   the first year the credit is claimed, two percent in the second year
 8   the credit is claimed, and increasing by two percent each year
 9   thereafter. The percentage shall not exceed eight percent.
10      (C) A taxpayer may only claim the credit allowed in this
11   section on the taxypayer‟s annual return. The taxpayer shall
12   provide all information that the department determines is necessary
13   for the calculation and administration of the credit.
14      (D) Beginning with the February 15, 2009, forecast by the
15   Board of Economic Advisors of annual general fund revenue
16   growth for the upcoming fiscal year, and annually thereafter, if the
17   forecast of that growth equals at least five percent of the most
18   recent estimate by the board of general fund revenues for the
19   current fiscal year, then the applicable credit shall be imposed,
20   effective the following July first. If the February fifteenth forecast
21   meets the requirement for the credit, the board promptly shall
22   certify this result in writing to the department.”
23
24   SECTION 2. This act takes effect upon approval by the Governor.
25                            ----XX----
26




     [1098]                            2

								
To top