SC SB 58

Author

John Matthews
613 Gressette Bldg.
Columbia, SC 29201
803-212-6056

Author Detail Link
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Bill Text

Category

Ports

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State

SC

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Summary

Enacts the Port Enhancement Zone Act.

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Issue

This bill amends current law to enact the "port enhancement zone act"; extends the moratorium to taxpayers creating at least fifty full-time new jobs in a port enhancement zone; increases the maximum annual tax credit for port cargo volume the from eight million to nine million dollars and to provide that one million dollars may be awarded to a new warehouse or distribution facility that meets certain requirements and employs at least fifty new full-time jobs in a port enhancement zone; allows eighty-five percent of the maximum credit to be claimed by businesses located in a port enhancement zone; doubles the amount of the credit port enhancement zone; extends the exemption for materials handling to a taxpayer that invests at least twenty million dollars in a port enhancement zone, and to extend the exemption for construction materials to a taxpayer that invests at least forty million dollars, in real and personal property, in a port enhancement zone.

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Notes

Carries-over to 2018.

History

12/13/2016 Prefiled.
12/13/2016 Referred to Senate Committee on Finance.
01/10/2017 Introduced and read first time.
01/10/2017 Referred to Senate Committee on Finance.
01/19/2017 Reported favorably with amendment by Senate Committee on Finance.
01/26/2017 Committee amendment adopted.
01/26/2017 Amended in Senate.
01/26/2017 Read second time in Senate.
01/31/2017 Read third time. Passed Senate. Sent to House.
02/01/2017 Introduced in House and read first time.
02/01/2017 Referred to House Committee on Ways and Means.