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Current Status Bill Number:View additional legislative information at the LPITS web site.4791 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20020221 Primary Sponsor:Knotts All Sponsors:Knotts, Davenport, Frye, Koon, Leach, Littlejohn, Riser, Sinclair, Stuart, Vaughn and Wilkins Drafted Document Number:l:\council\bills\swb\5132djc02.doc Residing Body:House Current Committee:Judiciary Committee 25 HJ Subject:Incentive offers to attract industry; certain documents no longer exempt from disclosure; fiscal impact of incentives required History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20020221 Introduced, read first time, 25 HJ referred to Committee Versions of This Bill
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 30-4-55 SO AS TO PROVIDE THAT A PUBLIC BODY OR PERSON OR ENTITY ACTING ON BEHALF OF THE PUBLIC BODY THAT OFFERS CERTAIN INCENTIVES TO ATTRACT A BUSINESS OR INDUSTRY TO INVEST IN SOUTH CAROLINA MUST DISCLOSE THE FISCAL IMPACT OF THE OFFER ON THE PUBLIC BODY OR OTHER GOVERNMENTAL ENTITY AT THE TIME THE OFFER IS ACCEPTED OR REJECTED, AND TO PROVIDE THAT THE FISCAL IMPACT DISCLOSURE MUST REVEAL; AND TO AMEND SECTION 30-4-40, AS AMENDED, RELATING TO MATTERS EXEMPT FROM DISCLOSURE UNDER THE FREEDOM OF INFORMATION ACT, SO AS TO PROVIDE THAT MEMORANDA, CORRESPONDENCE, AND DOCUMENTS RELATING TO AN OFFER MADE TO AN INDUSTRY OR BUSINESS OF INCENTIVES THAT REQUIRE THE EXPENDITURE OF PUBLIC FUNDS, THE TRANSFER OF ANYTHING OF VALUE OR THAT REDUCES THE RATE OR ALTERS THE METHOD OF TAXATION OF THE BUSINESS OR INDUSTRY, OR RELATING TO ANY OTHER KIND OF FINANCIAL AGREEMENT OR ARRANGEMENT OFFERED AS AN INCENTIVE, ARE NOT EXEMPT FROM DISCLOSURE AFTER THE OFFER IS ACCEPTED BY THE INDUSTRY OR BUSINESS TO WHOM THE OFFER WAS MADE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 4, Title 30 of the 1976 Code is amended by adding:
"Section 30-4-55. A public body as defined by Section 30-4-20(a), or a person or entity employed by or authorized to act for or on behalf of a public body, that undertakes to attract business or industry to invest or locate in South Carolina by offering incentives that require the expenditure of public funds, the transfer of anything of value, or that reduces the rate or alters the method of taxation of the business or industry must disclose at the time any offer is accepted or rejected the fiscal impact of the offer on the public body and any governmental entity affected by the offer. The fiscal impact disclosure must reveal the cost or current value of the transfer, the difference between tax revenue that would have been collected in the absence of the incentives and the taxes or fees to be collected under the offer."
SECTION 2. Section 30-4-40(a)(9) of the 1976 Code is amended to read:
"(9) Memoranda, correspondence, documents, and working papers relative to efforts or activities of a public body and of a person or entity employed by or authorized to act for or on behalf of a public body to attract business or industry to invest within South Carolina. Provided, however, memoranda, correspondence, and documents relating to an offer made to an industry or business of incentives that require the expenditure of public funds, the transfer of anything of value, or that reduces the rate or alters the method of taxation of the business or industry, or relating to any other kind of financial agreement or arrangement offered or included as an incentive, are not exempt from disclosure after the offer to attract an industry or business to invest or locate in this State is accepted by the industry or business to whom the offer was made."
SECTION 3. This act takes effect upon approval by the Governor.
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