retail establishment, and qualifying technology intensive facilities, and banks as defined pursuant to this title are allowed an annual jobs tax credit as provided in this section. In addition, taxpayers that operate retail facilities and servicerelated industries qualify for an annual jobs tax credit in counties designated as least developed or distressed, and in counties that are under developed and not traversed by an interstate highway Tier IV. As used in this section, includes general contractors licensed by the ‘corporate office’ South Carolina Department of Labor, Licensing and Regulation. Credits pursuant to this section may be claimed against income taxes imposed by Section 126510 or 126530, bank taxes imposed pursuant to Chapter 11 of this title, and insurance premium taxes imposed pursuant to Chapter 7 of, Title 38, and are limited in use to fifty percent of the South Carolina income tax, bank taxpayer’s tax, or insurance premium tax liability. In computing a tax payable by a taxpayer pursuant to Section 38790, the credit allowable pursuant to this section must be treated as a premium tax paid pursuant to Section 38720. (B) The department shall rank and designate the state’s counties by December thirtyfirst each year using data from the South Carolina Employment Security Commission and the United States Department of Commerce. The county designations are effective for taxable years that begin in the following calendar year. A designation may not be lowered in credit amount county’s more than one tier in the following calendar year. The counties are ranked using the last three completed calendar years of per capita income data and the last thirtysix months of unemployment rate data that are available on November first, with equal weight given to unemployment rate and per capita income as follows: (1)(a) The twelve counties with a combination of the highest unemployment rate and lowest per capita income are designated distressed Tier IV counties. Notwithstanding any other provision of law, no more than twelve counties may be designated or classified as distressed Tier IV and notwithstanding any other provision of this section, a county may be designated as distressed Tier IV only by virtue of the criteria provided in this subitem. (b) A category with the same criteria as provided in subitem (a) of this item is designated least developed county which consists of underdeveloped counties otherwise eligible for this category. (2) The twelve counties with a combination of the next highest unemployment rate and next lowest per capita income are designated underdeveloped Tier III counties.
retail establishment, and qualifying technology intensive facilities, and banks as defined pursuant to this title are allowed an annual jobs tax credit as provided in this section. In addition, taxpayers that operate retail facilities and servicerelated industries qualify for an annual jobs tax credit in counties designated as least developed or distressed, and in counties that are under developed and not traversed by an interstate highway Tier IV. As used in this section, ‘corporate office’ includes general contractors licensed by the South Carolina Department of Labor, Licensing and Regulation. Credits pursuant to this section may be claimed against income taxes imposed by Section 126510 or 126530, bank taxes imposed pursuant to Chapter 11 of this title, and insurance premium taxes imposed pursuant to Chapter 7 of, Title 38, and are limited in use to fifty percent of the taxpayer’s South Carolina income tax, bank tax, or insurance premium tax liability. In computing a tax payable by a taxpayer pursuant to Section 38790, the credit allowable pursuant to this section must be treated as a premium tax paid pursuant to Section 38720. (B) The department shall rank and designate the state’s counties by December thirtyfirst each year using data from the South Carolina Employment Security Commission and the United States Department of Commerce. The county designations are effective for taxable years that begin in the following calendar year. A county’s designation may not be lowered in credit amount more than one tier in the following calendar year. The counties are ranked using the last three completed calendar years of per capita income data and the last thirtysix months of unemployment rate data that are available on November first, with equal weight given to unemployment rate and per capita income as follows: (1)(a) The twelve counties with a combination of the highest unemployment rate and lowest per capita income are designated distressed Tier IV counties. Notwithstanding any other provision of law, no more than twelve counties may be designated or classified as distressed Tier IV and notwithstanding any other provision of this section, a county may be designated as distressed Tier IV only by virtue of the criteria provided in this subitem. (b) A category with the same criteria as provided in subitem (a) of this item is designated least developed county which consists of underdeveloped counties otherwise eligible for this category. (2) The twelve counties with a combination of the next highest unemployment rate and next lowest per capita income are designated underdeveloped Tier III counties.
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