In December and January the Voice posted summaries of legislation introduced in the South Carolina State Legislature.
Here, six months later, is an overview of the status of those and other bills relating to tax policy.
S. 10 Tax credits for solar, fuel cells, etc
This legislation allows a state income tax credit equal to twenty percent of the credit allowed against a taxpayer’s federal income tax liability for qualified expenditures on photovoltaic, solar, and fuel cell property. The bill was referred to the Senate Finance Committee and did not receive any further action.
S. 12 Revision of tax study committee
This bill establishes the South Carolina Taxation Realignment Commission and provides for its membership, powers, duties, and responsibilities. The legislation provides that the commission must conduct a comprehensive study of the state’s tax system and submit a report of its recommended changes to further the goal of maintaining and enhancing the state as an optimum competitor in the effort to attract businesses and individuals to locate, live, work, and invest in the state. Conference committee was appointed and the bill was taken up on June 16th. Lawmakers approved the measure provided the commission can’t consider details of Act 388 (a tax swap the legislature passed in 2006 that replaced property taxes on residential property with a two-cent increase in state sales taxes).