H3493

South Carolina H3493 provides a tax credit for taxpayers who contract with small businesses, resulting in the hiring of additional full-time.

South Carolina H3493 introduces a tax credit for taxpayers who contract with small businesses, provided the contract results in the hiring of additional full-time employees. The credit is earned in the year the employee completes the twelfth consecutive month of employment. The credit amount is $3,000 in the first year, $2,500 in the second year, and $1,000 in the third year. The contract must last at least three years, and the credit cannot be claimed for more than twenty employees in the first three years. The credit can be carried forward for up to three years if unused.