The bill S. 359 aims to amend Section 12-10-95 of the South Carolina Code of Laws, which pertains to the credit against withholding for retraining employees. The proposed changes include an increase in the credit amount that businesses can claim for retraining eligible employees. Specifically, the bill allows businesses to claim a credit of up to two thousand dollars per year for each retrained first-line employee or immediate supervisor, with a total cap of ten thousand dollars over five consecutive years. This is an increase from the previous limits of one thousand dollars per year and five thousand dollars over five years.

Additionally, the bill outlines the types of retraining programs that qualify for this credit, which 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 existing equipment or technology are not eligible for the credit. The act will take effect upon approval by the Governor and will apply to income tax years beginning after 2025.

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