SC Legislative Update May 14, 2020

Burnie Maybank Burnie Maybank

Burnie Maybank

Special Counsel at Adams and Reese LLP

发布日期: 2020年5月14日
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Low Income Housing Credit

This looks to be the only incentives bill to pass this year; Taxpayers eligible for federal section 42 (NOT section 8) housing credits may claim a state credit in the same amount as the federal tax credit; in addition to other requirements, tenants must earn 60% or less of AMI, which can be quite high in some localities. The Governor signed it into law today

Income Tax Credit for Manufactured Housing

The bill extends the sunset for 5 years (which expired in 2019) for an income tax credit and $300 sales tax cap for purchasing energy efficient manufactured homes.

The General Assembly did not take up Business License Taxes, Conformity, or the Abandoned Building and Angel Investor sunset bills: an effort was make to take up Electronic Signature by Notaries but was unsuccessful.

The sine die resolution passed and the General Assembly returns Sept 15-24th; the resolution includes bills which have passed one House, which includes Business License Taxes but not conformity.

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