Alternative Fuels Tax Credit

This bill would entail the following:

 Section 12-6-3695(A)(1) and (D) of the S.C. Code is amended to read:

    (1) A taxpayer who purchases, leases, or constructs, installs, and places in service in this State eligible property that is used for distribution, dispensing, or storing alternative fuel specified in this subsection, at a new or existing fuel distribution or dispensing facility, is allowed an income tax credit equal to twenty-five percent of the cost to the taxpayer of purchasing, constructing, and installing the eligible property.

    (D) For purposes of this section:

       (1) "Eligible property" includes pumps, compressors, storage tanks, electrical equipment, and related equipment that is directly and exclusively used for distribution, dispensing, or storing alternative fuel. The equipment used to store, distribute, or dispense alternative fuel must be labeled for this purpose and clearly identified as associated with alternative fuel.

       (2) "Alternative fuel" means compressed natural gas, liquefied natural gas, electricity, or liquefied petroleum gas, dispensed for use in motor vehicles and compressed natural gas, liquefied natural gas, or liquefied petroleum gas, dispensed by a distributor or facility.

       (3) "Taxpayer" means any individual, sole proprietor, partnership, corporation of any classification, limited liability company, or association taxable as a business entity. Also, the word "taxpayer" includes the State or any agency or instrumentality, authority, or political subdivision, including municipalities.