Reference is to Printer's Date 4/26/18-S.
Amend the bill, as and if amended, by adding an appropriately numbered SECTION to read:
/ SECTION ___. A. Section 12-65-20(4) and (8) of the 1976 Code are amended to read:
/ (4)
'Textile mill site' means the textile mill together with
the land and other improvements on it which were used directly
for textile manufacturing operations or ancillary uses.
However, the area of the site is limited to the land located
within the boundaries where the textile manufacturing, dying, or
finishing facility structure is located and does not include
land located outside the boundaries of the structure or devoted
to ancillary uses. Notwithstanding the provisions of this item,
with respect to any site acquired by a taxpayer before January
1, 2008, or a site located on the Catawba River
near Interstate 77, or a site which, on the date the notice
of intent to rehabilitate is filed, is located in a distressed
area of a county in this State, as designated by the applicable
council of government, the textile mill site includes the
textile mill structure, together with all land and improvements
which were used directly for textile manufacturing operations or
ancillary uses, or were located on the same parcel or a
contiguous parcel within one thousand feet of any textile
mill structure or ancillary uses. For purposes of this item,
'contiguous parcel' means any separate tax parcel sharing a
common boundary with an adjacent parcel or separated only by a
private or public road.
(8) 'Rehabilitation expenses' means the expenses or capital expenditures incurred in the rehabilitation, renovation, or redevelopment of the textile mill site, including without limitations, the demolition of existing buildings, environmental remediation, site improvements and the construction of new buildings and other improvements on the textile mill site, but excluding the cost of acquiring the textile mill site or the cost of personal property located at the textile mill site. For expenses associated with a textile mill site to qualify for the credit, the textile mill and buildings on the textile mill site must be either renovated or demolished. Rehabilitation expenses associated with new or rehabilitated buildings on a textile mill site that increases the amount of square footage of the buildings that existed on the site as of the date of the filing of the notice of intent to rehabilitate by more than two hundred percent must not be considered a rehabilitation expense for the purpose of calculating the credit.
B. This SECTION takes effect upon approval by the Governor and first applies to tax years beginning after 2017. /
Renumber sections to conform.
Amend title to conform.