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South Carolina Base Closure Credit

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South Carolina Base Closure Credit

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Effective for taxable years beginning after 1994 the General Assembly enacted legislation to allow an income tax credit for hiring employees terminated from employment as a result of the closing or realignment of a federal military installation.

Effective for taxable years after 1995, the General Assembly has amended this legislation to allow an income tax credit for hiring employees terminated from employment as a result of an applicable federal facility reducing its employment by three thousand or more jobs after December 31, 1990.

Also, the credit is ten percent times an increased qualified wage base of up to $10,000. To obtain the credit the status of "terminated employees" must be certified by the South Carolina Employment Security Commission.


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Views: 709 Created on: Jun 15, 2013
Date updated: Aug 07, 2015

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