H 4192 General Bill, By Vick
 A BILL TO AMEND SECTIONS 4-12-30, 4-29-67, AND 12-44-30, ALL AS AMENDED, CODE
 OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FEE-IN-LIEU OF PROPERTY TAX, SO
 AS TO LOWER THE MINIMUM INVESTMENT NECESSARY FOR A PROJECT IN A COUNTY
 DESIGNATED AS "DISTRESSED" FOR PURPOSES OF THE TARGETED JOBS TAX CREDIT TO ONE
 MILLION DOLLARS.

   05/24/05  House  Introduced and read first time HJ-216
   05/24/05  House  Referred to Committee on Ways and Means HJ-216

TO AMEND SECTIONS 4-12-30, 4-29-67, AND 12-44-30, ALL AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FEE-IN-LIEU OF PROPERTY TAX, SO AS TO LOWER THE MINIMUM INVESTMENT NECESSARY FOR A PROJECT IN A COUNTY DESIGNATED AS "DISTRESSED" FOR PURPOSES OF THE TARGETED JOBS TAX CREDIT TO ONE MILLION DOLLARS.

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

SECTION    1.    Section 4-12-30(B)(3) of the 1976 Code, as last amended by Act 69 of 2003, is further amended to read:

"(3)    The minimum level of investment in the project must be at least five million dollars and must be invested within the time period provided in subsection (C)(2). If a county has an average annual unemployment rate of at least twice the state average during the last twenty-four months based on data available on the most recent November first or if the county is designated as 'distressed' pursuant to Section 12-6-3360(B)(1)(a), the minimum level of investment is one million dollars. The department shall designate these reduced investment counties by December thirty-first of each year using data from the South Carolina Employment Security Commission and the United States Department of Commerce. The designations are effective for a sponsor whose inducement agreement is signed in the calendar year following the county designation. Investments may include amounts expended by a sponsor as a nonresponsible party in a voluntary cleanup contract on the property at a project pursuant to Article 7, Chapter 56 of Title 44, the Brownfields Voluntary Cleanup Program, if the Department of Health and Environmental Control has issued a certificate of completion for the cleanup. If the amounts, under the Brownfields Voluntary Cleanup Program, equal at least one million dollars, the investment threshold requirement of this chapter is deemed to have been met."

SECTION    2.    Section 4-29-67(B)(3) of the 1976 Code, as last amended by Act 69 of 2003, is further amended to read:

"(3)    The minimum level of investment in the project must be at least forty-five million dollars and must be invested within the time period provided in subsection (C). If a county has an average annual unemployment rate of at least twice the state average during the last twenty-four months based on data available on the most recent November first or if the county is designated as 'distressed' pursuant to Section 12-6-3360(B)(1)(a), the minimum level of investment is one million dollars. The department shall designate these reduced investment counties by December thirty-first of each year using data from the South Carolina Employment Security Commission and the United States Department of Commerce. The designations are effective for a sponsor whose inducement agreement is signed in the calendar year following the county designation. Investments may include amounts expended by a sponsor or sponsor affiliate as a nonresponsible party in a voluntary cleanup contract on the property at the project pursuant to Article 7, Chapter 56 of Title 44, the Brownfields Voluntary Cleanup Program, if the Department of Health and Environmental Control certifies completion of the cleanup. If the amounts under the Brownfields Voluntary Cleanup Program equal at least one million dollars, the investment threshold requirement of this section is met."

SECTION    3.    Section 12-44-30(14) of the 1976 Code, as last amended by Act 69 of 2003, is further amended to read:

"(14)    'Minimum investment' means a project that results in a total investment by a sponsor of not less than five million dollars within the investment period. If a county has an average annual unemployment rate of at least twice the state average during the last twenty-four month period based on data available on the most recent November first or if the county is designated as 'distressed' pursuant to Section 12-6-3360(B)(1)(a), the minimum investment is one million dollars. The department shall designate these reduced investment counties by December thirty-first of each year using data from the South Carolina Employment Security Commission and the United States Department of Commerce. The designations are effective for a sponsor whose fee agreement is signed in the calendar year following the county designation. For all purposes of this chapter, the minimum investment may include amounts expended by a sponsor or sponsor affiliate as a nonresponsible party in a voluntary cleanup contract on the property pursuant to Article 7, Chapter 56 of Title 44, the Brownfields Voluntary Cleanup Program, if the Department of Health and Environmental Control certifies completion of the cleanup. If the amounts under the Brownfields Voluntary Cleanup Program equal at least one million dollars, the investment threshold requirement of this chapter is deemed to have been met."

SECTION    4.    This act takes effect upon approval by the Governor.