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A58, R72, S587
Sponsors: Senator Turner
Document Path: l:\s-res\rt\005conv.sp.rt.docx
Introduced in the Senate on February 23, 2021
Introduced in the House on April 13, 2021
Passed by the General Assembly on May 12, 2021
Governor's Action: May 17, 2021, Signed
Summary: Economic bond for conventions and trade shows
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 2/23/2021 Senate Introduced and read first time (Senate Journal-page 2) 2/23/2021 Senate Referred to Committee on Finance (Senate Journal-page 2) 3/31/2021 Senate Committee report: Favorable Finance (Senate Journal-page 9) 4/7/2021 Senate Read second time (Senate Journal-page 54) 4/7/2021 Senate Roll call Ayes-43 Nays-0 (Senate Journal-page 54) 4/8/2021 Senate Read third time and sent to House (Senate Journal-page 168) 4/13/2021 House Introduced and read first time (House Journal-page 9) 4/13/2021 House Referred to Committee on Ways and Means (House Journal-page 9) 5/4/2021 House Committee report: Favorable Ways and Means (House Journal-page 74) 5/6/2021 House Debate adjourned until Tues., 5-11-21 (House Journal-page 16) 5/11/2021 House Requests for debate-Rep(s). King, Brawley, Pendarvis, Ott, Gilliard, Hosey, Bernstein, Wetmore, KO Johnson, R Williams, Henegan (House Journal-page 19) 5/11/2021 House Read second time (House Journal-page 65) 5/11/2021 House Roll call Yeas-107 Nays-3 (House Journal-page 66) 5/12/2021 House Read third time and enrolled (House Journal-page 40) 5/13/2021 Ratified R 72 5/17/2021 Signed By Governor 6/1/2021 Effective date 05/17/21 6/1/2021 Act No. 58
View the latest legislative information at the website
VERSIONS OF THIS BILL
(A58, R72, S587)
AN ACT TO AMEND SECTION 11-41-75, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ECONOMIC DEVELOPMENT BONDS FOR CONVENTIONS AND TRADE SHOWS, SO AS TO PROVIDE THAT THE PROVISIONS REQUIRING THE REIMBURSEMENT OF BOND PROCEEDS, PLUS INTEREST, UPON THE SALE OF A MEETING AND EXHIBIT SPACE ARE NOT APPLICABLE IF THE SALE PROCEEDS ARE USED IN THEIR ENTIRETY FOR A NEW MEETING AND EXHIBIT SPACE OF NOT LESS THAN FIFTY THOUSAND SQUARE FEET, OR TO REIMBURSE A STATE AGENCY, INSTRUMENTALITY, OR POLITICAL SUBDIVISION FOR THE ACQUISITION OR CONSTRUCTION OF A NEW MEETING AND EXHIBIT SPACE OF NOT LESS THAN FIFTY THOUSAND SQUARE FEET IF CONSTRUCTION OCCURRED PRIOR TO THE SALE OF THE ORIGINAL MEETING AND EXHIBIT SPACE, AND TO PROVIDE CONDITIONS UNDER WHICH THE EXEMPTION APPLIES.
Be it enacted by the General Assembly of the State of South Carolina:
Economic Development Bond reimbursements
SECTION 1. Section 11-41-75(A) and (B) of the 1976 Code is amended to read:
"Section 11-41-75. (A) Notwithstanding the provisions of Section 11-41-70(2)(d), the provisions requiring the reimbursement of bond proceeds, plus interest, upon the sale of the meeting and exhibit space, are not applicable if:
(1) the proceeds of the sale of meeting and exhibit space is for its true value as described in Section 12-37-930;
(2) the sale proceeds are used in their entirety:
(a) for a new meeting and exhibit space of no less than fifty thousand square feet; or
(b) to reimburse a state agency, instrumentality, or political subdivision for the acquisition or construction of a new meeting and exhibit space of not less than fifty thousand square feet if the construction occurred prior to the sale of the original meeting and exhibit space; and
(3) if there are outstanding bonds on the existing meeting and exhibit space, the state agency, instrumentality, or political subdivision provides to the State Treasurer a tax opinion from a nationally recognized bond counsel that the sale and proposed new qualifying purpose or use will not adversely affect the federal income tax treatment of the interest on the bonds issued by the State to finance the meeting and exhibit space.
(B)(1) The exemption from the reimbursement requirements only applies so long as:
(a) the land for the new meeting and exhibit space is owned by the state agency, instrumentality, or political subdivision, or any entity created by any of the foregoing for the purpose of ownership, at the time of the sale or is purchased within eighteen months of the sale;
(b) construction of the new meeting and exhibit space begins within five years before or after the sale; and
(c) the project is completed within ten years of the sale.
(2) If a state agency, instrumentality, or political subdivision avails itself of the provisions of subsection (A), but then fails to meet the requirements of this subsection, then the reimbursement requirements of Section 11-41-70(2)(d) apply as of the day of the sale."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 13th day of May, 2021.
Approved the 17th day of May, 2021.
This web page was last updated on June 14, 2021 at 9:10 AM