South Carolina Senate Bill 424 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on January 24 2019 - 25% progression, died in committee
Action: 2019-01-24 - Referred to Committee on Finance
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [HTML]

Amend Section 12-6-3530, Code Of Laws Of South Carolina, 1976, Relating To Community Development Tax Credits, So As To Allow A Tax Credit Of Fifty Percent Of Any Cash Donation To A Community Development Corporation Or Community Development Financial Institutions, To Delete An Aggregate Credit Provision And Set An Annual Limit, To Establish Tax Credit Reserve Accounts For The First Three Quarters Of Each Tax Year So As To Avoid The Depletion Of Credits By An Individual Taxpayer, To Delete The Pro-rata Distribution Of Tax Credits, To Allow Financial Institutions With Tax Liabilities In This State To Invest In Community Development Corporations For The Purpose Of Receiving A Tax Credit, And To Provide That Returns On Investments In Certified Community Development Corporations And Certified Community Development Financial Institutions May Not Exceed The Total Amount Of The Initial Investment; And To Amend Section 4 Of Act 314 Of 2000, As Amended, Relating To Community Development Corporations And Financial Institutions, So As To Extend The Provisions Of The South Carolina Community Economic Development Act Until June 30, 2023.

Community development tax credit

Sen. Paul Campbell [R]	Sen. Scott Talley [R]	Sen. John Scott [D]	Sen. Glenn Reese [D]
Sen. Margie Matthews [D]	Sen. Michael Gambrell [R]	Sen. Kent Williams [D]	Sen. Ross Turner [R]
Sen. Rex Rice [R]	Sen. Danny Verdin [R]

Date	Chamber	Action
2019-01-24	Senate	Referred to Committee on Finance
2019-01-24	Senate	Introduced and read first time

H4133 (Similar To) 2019-06-05 - Act No. 77
S0879 (Similar To) 2020-01-14 - Referred to Committee on Finance

Chapter	Article	Section	Citation Type	Statute Text
12	6	3530	(n/a)	See Bill Text

Type	Source
Summary	https://www.scstatehouse.gov/billsearch.php?billnumbers=0424&session=123&summary=B
Text	https://www.scstatehouse.gov/sess123_2019-2020/prever/424_20190124.htm