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4855Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20000330Primary Sponsor: R. SmithAll Sponsors: R. SmithDrafted Document Number: l:\council\bills\bbm\9455htc00.docResiding Body: HouseCurrent Committee: Ways and Means Committee 30 HWMSubject: Fees in lieu of taxes, benefits of agreement extended; Taxation, Political Subdivisions, Property, Businesses, CommerceHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20000330 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 4-12-10 AND SECTION 4-12-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF FEES IN LIEU OF TAXES AND THE APPLICATION OF THE FEE TO ELIGIBLE PROJECTS, SO AS TO EXTEND THE BENEFITS OF SUCH FEE AGREEMENTS TO SPONSORS AND SPONSOR AFFILIATES OF THE PROJECTS RATHER THAN A SINGLE ENTITY, AND TO ELIMINATE APPLICATION OF INTERNAL REVENUE CODE "CONTROLLED GROUP OF CORPORATIONS" PRINCIPLES TO INVESTORS, AND TO INCLUDE TYPES OF INTERESTS OTHER THAN RECORD TITLE FOR QUALIFICATIONS FOR FEE AGREEMENTS; AND TO AMEND SECTIONS 12-44-30, 12-44-120, AND 12-44-130, RELATING TO DEFINITIONS, TRANSFER OF INTERESTS, AND MINIMUM INVESTMENT REQUIREMENTS FOR PURPOSES OF THE FEE IN LIEU OF TAX SIMPLIFICATION ACT, SO AS TO ELIMINATE THE SINGLE ENTITY REQUIREMENT FOR A SPONSOR AND ELIMINATE APPLICATION OF INTERNAL REVENUE CODE "CONTROLLED GROUP OF CORPORATIONS" PRINCIPLES TO SPONSORS AND TO INCLUDE TYPES OF INTERESTS OTHER THAN RECORD TITLE FOR QUALIFICATIONS FOR FEE AGREEMENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The General Assembly finds that notwithstanding previous attempts by the General Assembly to simplify fee-in-lieu, one of South Carolina's most important tax incentives, the current system is cumbersome, complex, and continues to inhibit use of popular financing techniques by South Carolina taxpayers which are widely used in other states. The General Assembly further finds that the purpose of this legislation is to simplify the fee program by making it more like traditional ad valorem taxation, which imposes no limitation on financing techniques, and to make explicit the General Assembly's intent that businesses be afforded broad flexibility in the choice of financing techniques. This legislation is not intended to, and does not, expand the incentive itself, for example by decreasing the assessment ratio. Accordingly it should have no negative revenue impact on any taxing entity.
SECTION 2. Section 4-12-10 of the 1976 Code, as added by Act 125 of 1995, is amended to read:
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