contributed to the Industry Partnership Fund in the previous tax year that entitled the taxpayer to the credit allowed by this section, the taxpayers that received the credit, and the manner in which such contributions were expended or are expected to be expended. The report also must be posted in a conspicuous place on the website maintained by the South Carolina Research Authority.” SECTION 3. This act takes effect upon approval by the Governor and applies to tax years beginning after 2016, except that the Section 1 amendment to Section 1263585 (F) and Section 2 shall not take effect until January 1, 2018. / Renumber sections to conform. Amend title to conform. HUGH K. LEATHERMAN, SR. for Committee. STATEMENT OF ESTIMATED FISCAL IMPACT Explanation of Fiscal Impact Introduced on February 21, 2017 State Expenditure The Department of Revenue indicates that there will be no expenditure impact to the general fund, federal funds, or other funds from this bill. The Department can administer the legislative changes with existing resources. State Revenue Section 1. The Industry Partnership Fund was first available to taxpayers in tax year 2006. Pursuant to Section 12-6-3585, a taxpayer is allowed a nonrefundable credit against corporate and individual income taxes, bank taxes, license fees, or insurance premium taxes, or any combination of them equal to one hundred (100) percent of the qualified contributions to the taxpayer’s Industry Partnership Fund at the South Carolina Research Authority, or a Research Authority designated affiliate, or both. Any unused credit may be carried forward for ten (10) years from the end of the tax year in which the qualifying contribution is made. The credit is subject to the following limitations: For tax year 2006, the maximum credit is $650,000 for a single taxpayer, and $2,000,000 for all taxpayers, For tax year 2007, the maximum credit is $1,300,000 for a single taxpayer, and $4,000,000 for all taxpayers, and
contributed to the Industry Partnership Fund in the previous tax year that entitled the taxpayer to the credit allowed by this section, the taxpayers that received the credit, and the manner in which such contributions were expended or are expected to be expended. The report also must be posted in a conspicuous place on the website maintained by the South Carolina Research Authority.” SECTION 3. This act takes effect upon approval by the Governor and applies to tax years beginning after 2016, except that the Section 1 amendment to Section 1263585 (F) and Section 2 shall not take effect until January 1, 2018. / Renumber sections to conform. Amend title to conform. HUGH K. LEATHERMAN, SR. for Committee. STATEMENT OF ESTIMATED FISCAL IMPACT Explanation of Fiscal Impact Introduced on February 21, 2017 State Expenditure The Department of Revenue indicates that there will be no expenditure impact to the general fund, federal funds, or other funds from this bill. The Department can administer the legislative changes with existing resources. State Revenue Section 1. The Industry Partnership Fund was first available to taxpayers in tax year 2006. Pursuant to Section 12-6-3585, a taxpayer is allowed a nonrefundable credit against corporate and individual income taxes, bank taxes, license fees, or insurance premium taxes, or any combination of them equal to one hundred (100) percent of the taxpayer’s qualified contributions to the Industry Partnership Fund at the South Carolina Research Authority, or a Research Authority designated affiliate, or both. Any unused credit may be carried forward for ten (10) years from the end of the tax year in which the qualifying contribution is made. The credit is subject to the following limitations: For tax year 2006, the maximum credit is $650,000 for a single taxpayer, and $2,000,000 for all taxpayers, For tax year 2007, the maximum credit is $1,300,000 for a single taxpayer, and $4,000,000 for all taxpayers, and
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