South Carolina General Assembly
115th Session, 2003-2004

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Bill 3641

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Indicates New Matter


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

AMENDED

April 10, 2003

H. 3641

Introduced by Rep. J.R. Smith

S. Printed 4/10/03--H.    [SEC 4/14/03 11:49 AM]

Read the first time February 19, 2003.

            

A BILL

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.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 4 of Act 314 of 2000 is amended to read:

"SECTION    4.    Unless reauthorized by the General Assembly, the provisions of this chapter shall terminate on June 30, 2005 2010, and 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otherwise dealing with community development corporations and community development financial institutions are deemed repealed on that date."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.    This act takes effect upon approval by the Governor.

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