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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 34-43-60 SO AS TO PROVIDE THAT THE PROVISIONS OF THE SOUTH CAROLINA COMMUNITY ECONOMIC DEVELOPMENT ACT MUST TERMINATE AFTER THE FIFTH YEAR OF GRANTS AND LOANS ARE RECEIVED AND AT LEAST FIVE MILLION DOLLARS IN TAX CREDITS ARE USED; AND TO REPEAL SECTION 4 OF ACT 314 OF 2000, RELATING TO SUNSET PROVISIONS FOR THE ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 43, Title 34 of the 1976 Code is amended by adding:
"Section 34-43-60. Unless reauthorized by the South Carolina General Assembly, the provisions of this chapter terminate after the fifth year of the receipt of grants and loans budgeted by the South Carolina General Assembly as described in Section 34-43-50 and after at least five million dollars in tax credits are granted pursuant to Section 12-6-3530. This chapter and all other laws and regulations governing, authorizing, and otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date."
SECTION 2. Section 4 of Act 314 of 2000 is repealed.
SECTION 3. This act takes effect upon approval by the Governor.
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