S 302 Session 111 (1995-1996)
S 0302 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, and to provide that
the minimum investment threshold is reduced to twenty million dollars if a
minimum of four hundred new full-time jobs are created.
01/10/95 Senate Introduced and read first time SJ-128
01/10/95 Senate Referred to Committee on Finance SJ-128
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, AND TO
PROVIDE THAT THE MINIMUM INVESTMENT THRESHOLD
IS REDUCED TO TWENTY MILLION DOLLARS IF A
MINIMUM OF FOUR HUNDRED NEW FULL-TIME JOBS ARE
CREATED.
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 Acts 123 and 181 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. Section 4-29-67(Z) of the 1976 Code, as added by
Section 118, Part II, Act 497 of 1994, is amended to read:
"(Z ) Notwithstanding any provision of Section 4-29-60
or this section:,
(1) If at least two hundred new full-time jobs are created
within the time period for qualifying expenditures set forth in
subsection (I), the minimum level of investment required in order
for property to qualify for the payment in lieu of taxes (fee) as
provided in this section is sixty million dollars.
(2) If at least three hundred new full-time jobs are created
within the time period for qualifying expenditures set forth in
subsection (I), the minimum level of investment required in order
for property to qualify for the payment in lieu of taxes (fee) as
provided in this section is forty million dollars.
(3) if at least four hundred new full-time jobs are
created within the time period for qualifying expenditures set forth
in subsection (I), the minimum level of investment required in order
for property to qualify for the payment in lieu of taxes (fee) as
provided in this section is twenty million dollars. (4) If the
dollar amount in item (1), (2), or (3) this subsection
applies, the then applicable amount
twenty million dollars is substituted for each reference in
this section to eighty-five million dollars. (5) For purposes
of this subsection, the terms `full-time' and `new job' are defined as
provided in Section 12-7-1220."
SECTION 3. This act takes effect upon approval by the
Governor.
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