2009-2010 Bill 573: Tax Credits for Fortification Measures - South Carolina Legislature Online

South Carolina General Assembly

118th Session, 2009-2010

S. 573

STATUS INFORMATION

Joint Resolution

Sponsors: Banking and Insurance Committee

Document Path: l:\council\bills\nbd\11350ac09.docx

Introduced in the Senate on March 11, 2009

Introduced in the House on March 26, 2009

Currently residing in the House Committee on Ways and Means

Summary: Tax credits for fortification measures

HISTORY OF LEGISLATIVE ACTIONS

DateBodyAction Description with journal page number

3/11/2009SenateIntroduced, read first time, placed on calendar without reference SJ7

3/24/2009SenateRead second time SJ26

3/25/2009SenateRead third time and sent to House SJ12

3/26/2009HouseIntroduced and read first time HJ10

3/26/2009HouseReferred to Committee on Labor, Commerce and IndustryHJ10

4/1/2009HouseRecalled from Committee on Labor, Commerce and IndustryHJ106

4/1/2009HouseReferred to Committee on Ways and MeansHJ106

VERSIONS OF THIS BILL

3/11/2009

3/11/2009-A

INTRODUCED

March 11, 2009

S.573

Introduced by Banking and Insurance Committee

S. Printed 3/11/09--S.

Read the first time March 11, 2009.

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A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE DEPARTMENT OF INSURANCE, RELATING TO TAX CREDITS FOR FORTIFICATION MEASURES, DESIGNATED AS REGULATION DOCUMENT NUMBER 3205, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION1.The regulations of the Department of Insurance, relating to tax credits for fortification measures, designated as Regulation Document Number 3205, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.

SECTION2.This joint resolution takes effect upon approval by the Governor.

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SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

The Omnibus Coastal Property Insurance Reform Act of 2007 amended Article 25, Chapter 6, Title 12 of the S.C. Code Ann. by adding Section 1263660 to require that an individual taxpayer is allowed a credit against the tax imposed pursuant to Section 126510 for costs incurred to retrofit a structure qualifying as the taxpayer’s legal residence pursuant to Section 1243220(c) to make it more resistant to loss due to hurricane, rising floodwater, or other catastrophic windstorm event. Section 1263665 provides that an individual taxpayer is allowed a credit from the income tax imposed pursuant to Section 126510 for South Carolina state sales or use taxes paid on purchases of tangible personal property used to retrofit the individual’s legal residence pursuant to Section 1263660. The Act provides the authority to the Department of Insurance to define by regulation how these fortification measures qualify for income tax credits and the evidence that the individual taxpayer shall maintain and provide to claim the credit. The proposed regulation provides detailed information about the fortification measures that qualify for the credits.

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