Current Status Introducing Body:Senate Bill Number:985 Primary Sponsor:Rose Committee Number:06 Type of Legislation:GB Subject:Industrial development projects Residing Body:Senate Current Committee:Finance Computer Document Number:JIC/5313HC.94 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:Rose Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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985 Senate 19940111 Introduced, read first time, 06
referred to Committee
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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.