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11                       SECTION 37
12
13     TO AMEND THE 1976 CODE BY ADDING SECTION 12-10-35 SO AS TO PROVIDE A TEN-YEAR MORATORIUM ON
14     STATE CORPORATE INCOME TAX FOR A CORPORATION THAT IS A "QUALIFYING BUSINESS" UNDER THE
15     ENTERPRISE ZONE ACT OF 1995 IF THE BUSINESS HAS CREATED AT LEAST ONE HUNDRED NEW FULL-TIME JOBS
16     IN A COUNTY IN WHICH THE AVERAGE ANNUAL UNEMPLOYMENT RATE FOR THE LAST TWO COMPLETED
17     CALENDAR YEARS IS AT LEAST TWICE THE STATE AVERAGE AND AT LEAST NINETY PERCENT OF THE
18     QUALIFYING BUSINESSES' INVESTMENT IN THIS STATE IS LOCATED IN SUCH A COUNTY, TO PROVIDE A
19     MORATORIUM OF FIFTEEN YEARS IF AT LEAST TWO HUNDRED NEW FULL-TIME JOBS ARE ADDED, TO PROVIDE
20     HOW THE MORATORIUM APPLIES, AND TO REPEAL THIS MORATORIUM PROVISION EFFECTIVE JULY 1, 2003.
21
22     A.  Chapter 10, Title 12 of the 1976 Code is amended by adding:
23
24           "Section 12-10-35.  (A) If a qualifying business creates at least one hundred new full-time jobs, as defined in Section 12-6-3360(F),
25     in a county with an average annual unemployment rate of at least twice the state average during each of the last two completed calendar
26     years and at least ninety percent of the qualifying businesses' investment in this State is in such a county, then the company is allowed
27     a moratorium on state corporate income taxes imposed pursuant to Section 12-6-530 for the company's first ten taxable years beginning
28     with the taxable year after it first qualifies.  The moratorium applies to that portion of the company's corporate income tax that represents
29     the ratio that the company's new investment is of its total investment in this State.
30           (B) If at least two hundred new full-time jobs are added, the moratorium period is fifteen taxable years."
31
32     B.  This section applies for taxable years beginning after 1997, and Section 12-10-35 of the 1976 Code as added by this section is repealed
33     effective July 1, 2003.  However, this repeal does not affect any moratorium then in effect on July 1, 2003.



        PART II                                    PAGE 565