Current Status Introducing Body:Senate Bill Number:841 Primary Sponsor:McConnell Committee Number:06 Type of Legislation:GB Subject:Corporate income tax exemption, military property Residing Body:Senate Current Committee:Finance Computer Document Number:841 Introduced Date:19940111 Last History Body:Senate Last History Date:19940111 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:McConnell Rose Greg Smith Reese Washington Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
841 Senate 19940111 Introduced, read first time, 06
referred to Committee
841 Senate 19930913 Prefiled, referred to 06
Committee
View additional legislative information at the LPITS web site.
TO AMEND CHAPTER 7, TITLE 12 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CORPORATE TAX EXEMPTIONS, BY ADDING SECTION 12-7-236, SO AS TO PROVIDE FOR THE DESIGNATION OF THE TRI-COUNTY AREA (CHARLESTON, DORCHESTER, AND BERKELEY) AS AN ECONOMIC IMPACT ZONE; TO PROVIDE FOR A THREE-YEAR CORPORATE INCOME TAX EXEMPTION FOR NEW BUSINESSES LOCATING IN THE TRI-COUNTY AREA WITHIN THE NEXT FIVE YEARS; TO PROVIDE FOR AN INVESTMENT TAX CREDIT OF NOT MORE THAN TEN THOUSAND DOLLARS FOR CONSTRUCTION OF NEW BUILDINGS OR REPLACING EQUIPMENT WITHIN THE NEXT FIVE YEARS; AND TO PROVIDE FOR A FIFTY PERCENT PROPERTY TAX REDUCTION FOR FACILITIES BUILT ON FORMER UNITED STATES MILITARY INSTALLATIONS WITHIN FIVE YEARS AFTER CLOSURE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 7, Title 12 of the 1976 Code is amended by adding:
"Section 12-7-236(A). Notwithstanding any other provision of law, upon the final closure of the United States Military installations located in Charleston county, the tri-county area of Charleston, Dorchester, and Berkeley shall be declared an economic impact zone.
(B) For purposes of subsection (A), an `economic impact zone' is defined as an area which has suffered an adverse economic impact due to closure of United States military installations. Any new business which begins operating on former United States military installations during the first five years after final closure of such installations shall be entitled to the following:
(1) an exemption from the taxes provided in Section 12-7-210 and Section 12-7-230 for the first three tax years ending after the business initially locates on a former United States military installation;
(2) an investment tax credit not to exceed ten thousand dollars, for each year in which the new business either constructs a new building or replaces equipment, for the first five years ending after the business initially locates on a former United States military installation; and
(3) a reduction in property taxes of fifty percent for new facilities built on former United States military installations for the first three tax years ending after the completion of the facility."
SECTION 2. This act takes effect upon approval by the Governor.