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Current Status Bill Number:View additional legislative information at the LPITS web site.675 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990331 Primary Sponsor:Elliott All Sponsors:Elliott and McGill Drafted Document Number:l:\s-res\de\011thre.whb.doc Companion Bill Number:3191 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Fee in lieu of taxes, minimum investment threshold for eligibility reduced in county unemployment; Political Subdivision History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990331 Introduced, read first time, 06 SF referred to Committee 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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