<p> 1 South Carolina General Assembly 2 119th Session, 2011-2012 3 4 S. 536 5 6 STATUS INFORMATION 7 8 General Bill 9 Sponsors: Senator Leventis 10 Document Path: l:\council\bills\nbd\11197dg11.docx 11 Companion/Similar bill(s): 3777 12 13 Introduced in the Senate on February 10, 2011 14 Currently residing in the Senate Committee on Finance 15 16 Summary: Income tax credit for installation of a geothermal heat pump 17 18 19 HISTORY OF LEGISLATIVE ACTIONS 20 21 Date Body Action Description with journal page number 22 2/10/2011 Senate Introduced and read first time ( Senate Journalpage 3) 23 2/10/2011 Senate Referred to Committee on Finance ( Senate Journalpage 3) 24 25 26 VERSIONS OF THIS BILL 27 28 2/10/2011 29 1 2 3 4 5 6 7 8 9 A BILL 10 11 TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 12 1976, BY ADDING SECTION 1263592 SO AT TO ALLOW AN 13 INCOME TAX CREDIT IN AN AMOUNT EQUAL TO 14 TWENTYFIVE PERCENT OF THE COSTS INCURRED BY A 15 TAXPAYER IN THE PURCHASE AND INSTALLATION OF A 16 GEOTHERMAL HEAT PUMP SYSTEM. 17 18 Be it enacted by the General Assembly of the State of South 19 Carolina: 20 21 SECTION 1. Chapter 6, Title 12 of the 1976 Code is amended by 22 adding: 23 24 “Section 1263592. (A) There is allowed a tax credit against the 25 income tax liability of a taxpayer in an amount equal to twentyfive 26 percent of the costs incurred by the taxpayer in the purchase and 27 installation of a geothermal heat pump system in or on a facility in 28 South Carolina that is owned by the taxpayer. The tax credit 29 allowed by this section must not be claimed before the completion 30 of the installation. The amount of the credit in any year shall not 31 exceed three thousand five hundred dollars for each facility or fifty 32 percent of the taxpayer’s tax liability for that taxable year, 33 whichever is less. If the amount of the credit exceeds three 34 thousand five hundred dollars for each facility, the taxpayer may 35 carry forward the excess for up to ten years. 36 (B) For purposes of this section: 37 (1) ‘Geothermal heat pump system’ means a system that 38 uses the ground or groundwater as a thermal energy source to heat 39 a structure or as a thermal energy sink to cool a structure. 40 (2) ‘System’ includes all controls, tanks, pumps, heat 41 exchangers, and other equipment used directly and exclusively for 42 the geothermal heat pump system. The term ‘system’ does not</p><p>[536] 2 1 include any land or structural elements of the building such as 2 walls and roofs or other equipment ordinarily contained in the 3 structure.” 4 5 SECTION 2. This act takes effect upon approval by the 6 Governor. 7 XX 8</p><p>[536] 3</p>