South Carolina 2025-2026 Regular Session Status: In Committee

H 3362 — Transfer of tax credits

Last action — Referred to Committee on Ways and Means

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill is in committee in the House. Introduced December 05, 2024. It must pass committee before a floor vote.

Next likely step: a committee vote, then a floor vote in the House.

Prognosis

Stalled 14% · moderate confidence

Where this bill stands today.

Odds of enactment

Low

How often bills like it became law.

  • In Committee

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-65-30, RELATING TO THE SOUTH CAROLINA TEXTILES COMMUNITIES REVITALIZATION ACT, SO AS TO ALLOW SUCH INCOME TAX CREDITS TO BE TRANSFERRED; AND BY AMENDING SECTION 12-67-140, RELATING TO THE SOUTH CAROLINA ABANDONED BUILDINGS REVITALIZATION ACT, SO AS TO ALLOW SUCH INCOME TAX CREDITS TO BE TRANSFERRED.

Bill Text

What changed in the latest version

35 added · 1 removed

Plain-language change summary

The recent amendments to Bill H 3362 allow for income tax credits associated with the South Carolina Textiles Communities Revitalization Act and the Abandoned Buildings Revitalization Act to be transferred between taxpayers. This means that if one taxpayer is unable to use a credit, they can sell or exchange it, giving more flexibility to businesses and individuals who could benefit from these credits. This change matters because it can encourage investment in revitalization efforts by making it easier to utilize tax benefits, potentially leading to economic growth in these areas.

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2025-2026 Bill 3362 Text of Previous Version (Dec.
06, 2024) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 3362Indicates Matter StrickenIndicates New Matter(Text matches printed bills.
Document has been reformatted to meet World Wide Web specifications.)                 A bill   TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-65-30, RELATING TO THE SOUTH CAROLINA TEXTILES COMMuNITIES REVITALIZATION ACT, SO AS TO ALLOW SUCH INCOME TAX CREDITS TO BE TRANSFERRED;
AND BY AMENDING SECTION 12-67-140, RELATING TO THE SOUTH CAROLINA ABANDONED BUILDINGS REVITALIZATION ACT, SO AS TO ALLOW SUCH INCOME TAX CREDITS TO BE TRANSFERRED.
  Be it enacted by the General Assembly of the State of South Carolina:
  SECTION 1.  Section 12-65-30(C) of the S.C.
Code is amended by adding:
      (8) In addition to the provisions of item (6), the credit may be sold, exchanged, or otherwise transferred.
A tax credit or increment of a tax credit transferred pursuant to this item, may be transferred only once.
The credit may be transferred to any taxpayer.
A taxpayer to whom a credit has been transferred may use the credit for the taxable year in which the transfer occurred and unused amounts may be carried forward to succeeding taxable years.
The Department of Revenue may develop procedures for the transfer of the credits.
  SECTION 2.  Section 12-67-140(B) of the S.C.
Code is amended by adding:
      (7) In addition to the provisions of item (5), the credit may be sold, exchanged, or otherwise transferred.
A tax credit or increment of a tax credit transferred pursuant to this item, may be transferred only once.
The credit may be transferred to any taxpayer.
A taxpayer to whom a credit has been transferred may use the credit for the taxable year in which the transfer occurred and unused amounts may be carried forward to succeeding taxable years.
The Department of Revenue may develop procedures for the transfer of the credits.
  SECTION 3.  This act takes effect upon approval by the Governor.
----XX---- This web page was last updated on December 06, 2024 at 11:40 AM
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Action History

  1. Referred to Committee on Ways and Means

  2. Introduced and read first time

  3. Referred to Committee on Ways and Means

  4. Prefiled

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 169 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (169)

169 members have not signed on to this bill.

Show all 169 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does H 3362 do?
A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-65-30, RELATING TO THE SOUTH CAROLINA TEXTILES COMMUNITIES REVITALIZATION ACT, SO AS TO ALLOW SUCH INCOME TAX CREDITS TO BE TRANSFERRED; AND BY AMENDING SECTION 12-67-140, RELATING TO THE SOUTH CAROLINA ABANDONED BUILDINGS REVITALIZATION ACT, SO AS TO ALLOW SUCH INCOME TAX CREDITS TO BE TRANSFERRED.
Who sponsors H 3362?
H 3362 is sponsored by Representative Melissa Lackey Oremus.
What is the current status of H 3362?
This bill is in committee in the House. Introduced December 05, 2024. It must pass committee before a floor vote.
Where can I track H 3362?
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