South Carolina General Assembly
123rd Session, 2019-2020

Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

S. 1160

STATUS INFORMATION

General Bill
Sponsors: Senators Harpootlian and Climer
Document Path: l:\council\bills\rt\17740sa20.docx

Introduced in the Senate on March 10, 2020
Currently residing in the Senate Committee on Finance

Summary: Economic development incentive clawbacks

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   3/10/2020  Senate  Introduced and read first time (Senate Journal-page 7)
   3/10/2020  Senate  Referred to Committee on Finance (Senate Journal-page 7)

View the latest legislative information at the website

VERSIONS OF THIS BILL

3/10/2020

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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 39-1-100 SO AS TO PROVIDE THAT THE DEPARTMENT OF COMMERCE SHALL KEEP A RECORD OF ALL ECONOMIC DEVELOPMENT INCENTIVE CLAWBACKS AND SHALL REPORT ON ALL CLAWBACKS THAT HAVE BEEN TRIGGERED.

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

SECTION    1.    Chapter 1, Title 39 of the 1976 Code is amended by adding:

    "Section 39-1-100.    (A)    For the purposes of this section:

        (1)    'Clawback' means a requirement that all or part of an economic development incentive will be returned or forfeited if the recipient business does not fulfill its responsibilities under the incentive law, contract, or both.

        (2)    'Economic development incentive' means assistance from the State provided on a discretionary basis to attract or retain business operations including, but not limited to, tax credits or deductions, fees in lieu of taxes, monetary benefits, subsidies, or rebates.

    (B)    The Department of Commerce shall keep a record of all clawbacks in state and federal programs it administers, whether provided by statute, rule, or pursuant to a contract. The records must include a description of each clawback, the program to which it applies, and a citation to its source. The department shall publish the records on its website and update it every six months.

    (C)    By April first and October first of each year, the department shall report to the Senate Finance Committee, the House Ways and Means Committee, the Governor, and the Board of Economic Advisors on all clawbacks that have been triggered as set forth in law and its progress on obtaining repayments. The report must include the name of each business, the event that triggered the clawback, and the amount forfeited or to be repaid.

    (D)    The department shall consult with the Department of Revenue as necessary."

SECTION    2.    This act takes effect upon approval by the Governor.

----XX----


This web page was last updated on March 12, 2020 at 11:58 AM