High Growth Small Business Job Creation Act extension
Summary
S0452 amends South Carolina’s High Growth Small Business Job Creation Act of 2013 to extend the life of the program for an additional ten years. Under current law as reflected in the bill, the chapter’s provisions were set to be repealed on December 31, 2025; this bill changes that sunset date to December 31, 2035. It also preserves the ability to use any carry-forward credits until the applicable ten-year carry-forward period ends.
The bill further renames the chapter and its citation to the “High Growth Small Business Job Creation Act of 2013 - Angel Investor Tax Credit Act,” and retitles Chapter 44 of Title 11 accordingly. The measure takes effect upon approval by the Governor. In practical terms, the bill continues the state tax credit framework that supports investment in high-growth small businesses and angel investors by keeping the statutory authority in place for another decade.
Impact
This bill would amend Act 80 of 2013 and Title 11, Chapter 44 of the South Carolina Code by extending the repeal date for the angel investor/high-growth small business tax credit provisions from 2025 to 2035. It would not create a new program, but would preserve the existing tax credit structure, including carry-forward credits, and would update the official name of the act and chapter in the code. The affected parties are businesses eligible for the credit, angel investors, and taxpayers claiming or carrying forward credits under the program.
Sentiment
Based on the bill text and the absence of recorded committee debate or votes in the provided materials, the measure appears to be a straightforward extension of an existing economic development tax incentive. The caption and structure suggest a generally supportive policy goal of encouraging private investment in small, high-growth businesses. No contrary sentiment is documented in the provided context.
Contention
No committee transcripts, recorded votes, or formal objections are included in the provided materials, so no specific points of contention can be identified from the record here. In general, bills extending tax credits can draw debate over the cost to state revenue, the effectiveness of incentives in creating jobs, and whether the program should be continued without changes, but those concerns are not attributed to any person or group in the supplied context.