Current Status Bill Number:302 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950110 Primary Sponsor:Rose All Sponsors:Rose Drafted Document Number:JIC\5086HTC.95 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Industrial development projects
Body Date Action Description Com Leg Involved
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Senate 19950110 Introduced, read first time, 06 SF
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, 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.