S 0985 General Bill, By M.T. Rose
 A Bill to amend Section 4-29-67, as amended, Code of Laws of South Carolina,
 1976, relating to the fee in lieu of taxes allowed certain industrial
 development projects, so as to provide that the minimum eighty-five million
 dollar investment requirement is reduced to twenty-five million dollars for a
 project located in whole or in part in a county within five years after a
 military installation in the county is closed or realigned as a result of the
 Defense Base Closure and Realignment Act of 1990 and in a county adjacent to a
 county in which such a closing or realignment occurred.

   01/11/94  Senate Introduced and read first time SJ-57
   01/11/94  Senate Referred to Committee on Finance SJ-57

A BILL

TO AMEND SECTION 4-29-67, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FEE IN LIEU OF TAXES ALLOWED CERTAIN INDUSTRIAL DEVELOPMENT PROJECTS, SO AS TO PROVIDE THAT THE MINIMUM EIGHTY-FIVE MILLION DOLLAR INVESTMENT REQUIREMENT IS REDUCED TO TWENTY-FIVE MILLION DOLLARS FOR A PROJECT LOCATED IN WHOLE OR IN PART IN A COUNTY WITHIN FIVE YEARS AFTER A MILITARY INSTALLATION IN THE COUNTY IS CLOSED OR REALIGNED AS A RESULT OF THE DEFENSE BASE CLOSURE AND REALIGNMENT ACT OF 1990 AND IN A COUNTY ADJACENT TO A COUNTY IN WHICH SUCH A CLOSING OR REALIGNMENT OCCURRED.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 4-29-67(B)(3) of the 1976 Code, as last amended by Act 123 of 1993, is further amended to read:

"(3) The minimum level of investment must be at least eighty-five million dollars and must be invested within the time period provided in subsection (C). If the project is located in whole or in part in a county within five years after a military installation in the county has been closed or realigned pursuant to the Defense Base Closure and Realignment Act of 1990 or if a project is located in whole or in part in a county adjacent to a county in which such a base closure or realignment has occurred within the past five years, the applicable limit is twenty-five million dollars and all references in this section to the otherwise applicable minimum investment limit in such cases are deemed to refer to the twenty-five million dollar minimum investment amount."

SECTION 2. This act takes effect upon approval by the Governor.