The bill S. 359 proposes an amendment to Section 12-10-95 of the South Carolina Code of Laws, which pertains to the credit against withholding for retraining employees. The amendment increases the annual credit amount from one thousand dollars to two thousand dollars for businesses engaged in manufacturing, processing, or technology-intensive activities, as well as warehousing and distribution. Additionally, the total retraining credit that can be claimed over five consecutive years is raised from five thousand dollars to ten thousand dollars for each retrained employee or supervisor.

The bill outlines that eligible retraining programs include training on newly installed equipment, newly implemented technology, and upskilling or management development. However, it specifies that executive training, personal enrichment training, and cross-training on equipment or technology that is not new to the company do not qualify for the credit. The act will take effect upon approval by the Governor and will first apply to income tax years beginning after 2025.

Statutes affected:
02/19/2025: 12-10-95
Latest Version: 12-10-95