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applies for taxable years beginning after 1997, and Section 12-10-35 of the 1976 Code as added by this section is repealed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