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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 SHALL 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 PRESCRIBE THE SUBSTANCE OF THE FISCAL IMPACT DISCLOSURE; 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 OR THE TRANSFER OF ANYTHING OF VALUE OR THAT REDUCE THE RATE OR ALTER THE METHOD OF TAXATION OF THE BUSINESS OR INDUSTRY OR OTHERWISE IMPACT THE OFFEROR FISCALLY ARE NOT EXEMPT FROM DISCLOSURE AFTER THE OFFER IS ACCEPTED OR REJECTED 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 or the transfer of anything of value or that reduce the rate or alter the method of taxation of the business or industry or that otherwise impact the offeror fiscally shall disclose at the time an offer is accepted or rejected the fiscal impact of the offer on the public body and a governmental entity affected by the offer. The fiscal impact disclosure must reveal the cost or the current value of the transfer or 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.; except that, memoranda, correspondence, and documents relating to an offer of incentives made to an industry or business requiring the expenditure of public funds, or the transfer of anything of value or reducing the rate or altering the method of taxation of the business or industry or otherwise impacting the offeror fiscally are not exempt from disclosure after the offer to attract an industry or business to invest or locate in this State is accepted or rejected 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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