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Current Status Bill Number:View additional legislative information at the LPITS web site.3191 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19990112 Primary Sponsor:Jennings All Sponsors:Jennings, Kennedy Drafted Document Number:l:\council\bills\kgh\15158htc99.doc Companion Bill Number:675 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Fee in lieu of taxes, minimum investment threshold reduced in county with unemployment average; Political Subdivisions History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990112 Introduced, read first time, 30 HWM referred to Committee House 19990106 Prefiled, referred to Committee 30 HWM Versions of This Bill
TO AMEND SECTION 4-12-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ELIGIBILITY FOR THE FEE IN LIEU OF TAXES, SO AS TO REDUCE FROM FIVE MILLION DOLLARS TO ONE MILLION DOLLARS THE MINIMUM INVESTMENT THRESHOLD FOR ELIGIBILITY FOR THE FEE IN A COUNTY WITH AVERAGE UNEMPLOYMENT OF AT LEAST TWICE THE STATE AVERAGE DURING THE LAST TWO CALENDAR YEARS; AND TO AMEND SECTION 12-44-30, RELATING TO DEFINITIONS FOR PURPOSES OF THE FEE IN LIEU OF TAX SIMPLIFICATION ACT, SO AS TO REDUCE FROM FIVE MILLION DOLLARS TO ONE MILLION DOLLARS THE MINIMUM INVESTMENT THRESHOLD FOR ELIGIBILITY FOR THE FEE IN A COUNTY WITH AVERAGE UNEMPLOYMENT OF AT LEAST TWICE THE STATE AVERAGE DURING THE LAST TWO CALENDAR YEARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 4-12-30(B)(3) of the 1976 Code, as added by Act 125 of 1995, is amended to read:
"(3) The minimum level of investment must be at least five million dollars and must be invested within the time period provided in subsection (C)(2). If a county has an average annual unemployment rate of at least twice the state average during each of the last two calendar years, the minimum level of investment is one million dollars."
SECTION 2. Section 12-44-30(14) of the 1976 Code, as added by Act 149 of 1997, is amended to read:
"(14) 'Minimum investment' means a project which results in a total investment by a sponsor of not less than five million dollars within the investment period. If a county has an average annual unemployment rate of at least twice the state average during each of the last two completed calendar years, the minimum investment is one million dollars."
SECTION 3. This act takes effect upon approval by the Governor.
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