The South Carolina Hydrogen Infrastructure Development Fund
In June 2007, the South Carolina General Assembly enacted S-243, which established the South Carolina Hydrogen Infrastructure Development Fund (HIDF). The revenues from this fund must be distributed I the form of grants and used for the purpose of promoting the development and deployment of hydrogen production, storage, distribution, and dispensing infrastructure and related products and services that enable the growth of hydrogen and fuel cell technologies in the State. However, the Act did not receive appropriations in 2007 due to budget shortfall.
“The South Carolina Hydrogen Infrastructure Development Fund is a significant step towards creating a clean and sustainable source of energy for our state’s citizens,” said Shannon Baxter-Clemmons, Executive Director of the South Carolina Hydrogen and Fuel Cell Alliance. “ The fund is one way fro the public to get involved in what is shaping up to be a major economic engine for South Carolina.”
The General Assembly authorized two mechanisms through which revenue can be made available to the HIDF:
a. Direct appropriations from the State’s general fund in fiscal years 2008-2010, not to exceed a total of $15 million.
b. Donations to the fund from taxpayers, who would receive a 25% credit against South Carolina income tax, license fees, or insurance premium tax. The credit is non-refundable with a 10 year carry forward provision.
The Act designated the South Carolina Research Authority( SCRA) as executor of the Fund on behalf of the State of South Carolina, and directed SCRA to administer the process of receiving taxpayer contributions to the Fund and issuing the corresponding tax credit certifications.
For more information regarding the SC Hydrogen Infrastructure Development Fund, please call the South Carolina Research Authority at: (843)760-3200.