The South Carolina Association of CPAs wants members to be aware that legislators who have returned to session this week have an opportunity to override the Governor’s veto on a bill that would expand the scope of the Jobs Development Credit to include accounting.
On Tuesday, Oct. 2, the legislature will take up the Governor’s vetoes. This includes S. 1043, the “SC Abandoned Buildings and Revitalization Act,” which includes an amendment to section 12-10-80 that would make certain qualifying service-related facilities eligible for the Jobs Development Credit. This could be huge benefit for accounting firms to be included, as well as professional businesses engaged in legal, banking or investment fields.
S.1043 can be a crucial tool for economic developers to pursue “white collar” professional jobs.
The section in question is reprinted below. Read the full version of (S. 1043), “SC Abandoned Buildings and Revitalization Act” here: https://www.scstatehouse.gov/sess122_2017-2018/bills/1043.htm
See its vote history here: https://www.scstatehouse.gov/votehistory.php?type=BILL&session=122&bill_number=1043
Examine its fiscal impact studies here: https://www.scstatehouse.gov/fiscalimpact.php?type=BILL&session=122&bill_number=1043
B. Section 12-10-80 of the 1976 Code is amended by adding two subsections at the end to read:
(K) For purposes of this section, the job and per capita income thresholds contained in the definition of ‘qualifying service-related facility’ as set forth in Section 12-6-3360(M)(13)(b) must be modified to read as set forth in the item below:
(1) a business, other than a business engaged in legal, accounting, banking, or investment services (including a business identified under NAICS Section 55) or retail sales, which has a net increase of at least:
(a) one hundred twenty-five jobs at a single location;
(b) one hundred jobs at a single location comprised of a building or portion of a building that has been vacant for at least twelve consecutive months before the taxpayer’s investment;
(c) seventy-five jobs at a single location and the jobs have an average cash compensation level of more than one and one-half times the lower of state per capita income or per capita income in the county where the jobs are located;
(d) fifty jobs at a single location and the jobs have an average cash compensation level of more than twice the lower of state per capita income or per capita income in the county where the jobs are located; or
(e) twenty-five jobs at a single location and the jobs have an average cash compensation level of more than two and one-half times the lower of state per capita income or per capita income in the county where the jobs are located.