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A24, R42, H3333
STATUS INFORMATION
General Bill
Sponsors: Reps. Davis, B.J. Cox and Caskey
Document Path: LC-0006SA25.docx
Introduced in the House on January 14, 2025
Introduced in the Senate on April 10, 2025
Currently residing in the Senate
Governor's Action: May 8, 2025, Signed
Summary: Tax Increment Financing
HISTORY OF LEGISLATIVE ACTIONS
| Date | Body | Action Description with journal page number |
|---|---|---|
| 12/5/2024 | House | Prefiled |
| 12/5/2024 | House | Referred to Committee on Medical, Military, Public and Municipal Affairs |
| 1/14/2025 | House | Introduced and read first time (House Journal-page 173) |
| 1/14/2025 | House | Referred to Committee on Medical, Military, Public and Municipal Affairs (House Journal-page 173) |
| 4/3/2025 | House | Committee report: Favorable Medical, Military, Public and Municipal Affairs (House Journal-page 3) |
| 4/8/2025 | House | Member(s) request name added as sponsor: Caskey |
| 4/9/2025 | House | Read second time (House Journal-page 26) |
| 4/9/2025 | House | Roll call Yeas-80 Nays-16 (House Journal-page 26) |
| 4/10/2025 | House | Read third time and sent to Senate (House Journal-page 9) |
| 4/10/2025 | Senate | Introduced and read first time (Senate Journal-page 4) |
| 4/10/2025 | Senate | Referred to Committee on Labor, Commerce and Industry (Senate Journal-page 4) |
| 4/15/2025 | Senate | Recalled from Committee on Labor, Commerce and Industry (Senate Journal-page 29) |
| 4/29/2025 | Senate | Read second time (Senate Journal-page 29) |
| 4/29/2025 | Senate | Roll call Ayes-42 Nays-0 (Senate Journal-page 29) |
| 4/30/2025 | Senate | Read third time and enrolled (Senate Journal-page 21) |
| 5/6/2025 | Ratified R 42 | |
| 5/8/2025 | Signed By Governor | |
| 5/16/2025 | Effective date 07/01/25 | |
| 5/16/2025 | Act No. 24 |
View the latest legislative information at the website
VERSIONS OF THIS BILL
12/05/2024
04/03/2025
04/15/2025
NOTE: THIS IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL FINAL APPROVAL BY THE LEGISLATIVE COUNCIL.
(A24, R42, H3333)
AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 31-12-30, RELATING TO REDEVELOPMENT OF FEDERAL MILITARY INSTALLATIONS DEFINITIONS, SO AS TO PROVIDE THAT A REDEVELOPMENT PROJECT INCLUDES CERTAIN AFFORDABLE HOUSING PROJECTS; AND BY AMENDING SECTION 31-12-210, RELATING TO ISSUANCE OF OBLIGATIONS FOR REDEVELOPMENT PROJECT BY MUNICIPALITY, SO AS TO PROVIDE WHEN CERTAIN OBLIGATIONS MUST BE ISSUED.
Be it enacted by the General Assembly of the State of South Carolina:
Redevelopment projects
SECTION 1. Section 31-12-30(6) of the S.C. Code is amended to read:
(6) "Redevelopment project" means buildings, improvements, including street improvements, water, sewer and storm drainage facilities, parking facilities, and recreational facilities. A project or undertaking authorized under Section 6-21-50 also may qualify as a redevelopment project under this chapter. All such projects may be owned by the authority, the municipality, the county, or other appropriate public body. This term includes portions of the redevelopment project located outside the redevelopment project area so long as they provide needed infrastructure support for the redevelopment project area or the municipality makes specific findings of benefit to the redevelopment project area. A redevelopment project for purposes of this chapter also includes affordable housing projects where all or a part of new property tax revenues generated in the tax increment financing district are used to provide or support publicly and privately owned affordable housing in the district or is used to provide infrastructure projects to support publicly and privately owned affordable housing in the district. The term "affordable housing" as used herein means residential housing for rent or sale that is appropriately priced for rent or sale to a person or family whose income does not exceed eighty percent of the median income for the local area, with adjustments for household size, according to the latest figures available from the United States Department of Housing and Urban Development (HUD).
Obligations
SECTION 2. Section 31-12-210(F) of the S.C. Code is amended to read:
(F) The obligations must be issued not later than thirty-five years after the adoption of an ordinance by the municipality pursuant to Section 31-12-280 concurring in an authority's redevelopment plan.
Time effective
SECTION 3. This act takes effect July 1, 2025.
Ratified the 6th day of May, 2025.
Approved the 8th day of May, 2025.
This web page was last updated on May 19, 2025 at 11:19 AM