2001-2002 Bill 852 Text of Previous Version (Feb. 13, 2002)

South Carolina General Assembly
114th Session, 2001-2002

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Bill 852

~~Indicates Matter Stricken~~
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

~~Indicates Matter Stricken~~

Indicates New Matter

AMENDED

February 13, 2002

S. 852

Introduced by Senators Leatherman, Martin and Giese

S. Printed 2/13/02--S.

Read the first time January 9, 2002.

A BILL

TO AMEND SECTION 12-44-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF THE FEE IN LIEU OF TAX SIMPLIFICATION ACT, SO AS TO INCREASE THE EXTENSION ALLOWED IN THE INVESTMENT PERIOD FROM TWO TO FIVE YEARS; AND TO AMEND SECTION 12-44-90, RELATING TO THE FILING REQUIREMENTS UNDER THE FEE IN LIEU OF TAX SIMPLIFICATION ACT, SO AS TO ALLOW THE DEPARTMENT OF REVENUE TO GRANT A MAXIMUM SIXTY-DAY EXTENSION FOR FILING RETURNS AND TO PROVIDE THE REQUIREMENTS TO OBTAIN THE EXTENSION.

Amend Title To Conform

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

SECTION 1. Section 12-44-30(13) of the 1976 Code is amended to read:

"(13) 'Investment period' means the period beginning sixty days before the county takes action or identifies the project under Section 12-44-40(C), and ending five years after the commencement date; except that for a project with an enhanced investment as described above, the period ends eight years after the commencement date. The minimum investment must be completed within five years of the commencement date. For an enhanced investment, the enhanced investment must be completed within eight years of the commencement date. If the sponsor does not anticipate completing the project within this period, the sponsor may apply to the county before the end of the period for an extension of time to complete the project. If the county agrees to an extension, it must do so in writing and furnish a copy of the extension to the Department of Revenue within thirty days of the date the extension was granted. The extension may not exceed ~~two~~ five years in which to complete the project. An extension is not allowed for the time period in which the sponsor must meet the minimum investment requirement."

SECTION 2. Section 12-44-90 of the 1976 Code is amended by adding at the end:

"(H) The department, for good cause, may allow additional time for filing of returns required under this chapter. The request for an extension may be granted only if the request is filed with the department on or before the date the return is due. However, the extension must not exceed sixty days from the date the return is due. The department shall develop applicable forms and procedures for handling and processing extension requests. An extension may not be granted to a taxpayer who has been granted an extension for a previous period and has not fulfilled the requirements of the previous period."

SECTION 3. Section 4-29-67 of the 1976 Code, as last amended by Act 89 of 2001, is further amended by adding an appropriately lettered subsection at the end to read:

"( )(1) All agreements entered into pursuant to this section must include as the first portion of the document a recapitulation of the remaining contents of the document which includes, but is not limited to, the following:

(a) the legal name of each party to the agreement;

(b) the county and street address of the project and property to be subject to the agreement;

(d) the length and term of the agreement;

(e) the assessment ratio applicable for each year of the agreement;

(f) the millage rate applicable for each year of the agreement;

(g) a schedule showing the amount of the fee and its calculation for each year of the agreement;

(h) a schedule showing the amount to be distributed annually to each of the affected taxing entities;

(i) a statement answering the following questions:

(i) is the project to be located in a multi-county park formed pursuant to Chapter 29 of Title 4;

(ii) is disposal of property subject to the fee allowed;

(iii) will special source revenue bonds be issued or credits for infrastructure investment be allowed in connection with this project;

(iv) will payment amounts be modified using a net present value calculation; and

(v) do replacement property provisions apply?

(j) any other feature or aspect of the agreement which may affect the calculation of subitems (g) and (h) of this item;

(k) a description of the effect upon the schedules required by subitems (g) and (h) of this item of any feature covered by subitems (i) and (j) not reflected in the schedules for subitems (g) and (h);

(l) which party or parties to the agreement are responsible for updating any information contained in the summary document.

(2) The auditor shall prepare a bill for each installment of the fee according to the schedule set forth in subitem (1)(g) or as modified pursuant to subitem (1)(j), (k), or (l) and that payment must be distributed to the affected taxing entities according to the schedule in subitem (1)(g) or as modified pursuant to subitem (1)(j), (k), or (l)."

SECTION 4. Chapter 12, Title 4 of the 1976 Code is amended by adding:

"Section 4-12-45. (A) All agreements entered into pursuant to this chapter must include as the first portion of the document a recapitulation of the remaining contents of the document which includes, but is not limited to, the following:

(1) the legal name of each party to the agreement;

(2) the county and street address of the project and property to be subject to the agreement;

(3) the minimum investment agreed upon;

(4) the length and term of the agreement;

(5) the assessment ratio applicable for each year of the agreement;

(6) the millage rate applicable for each year of the agreement;

(7) a schedule showing the amount of the fee and its calculation for each year of the agreement;

(8) a schedule showing the amount to be distributed annually to each of the affected taxing entities;

(9) a statement answering the following questions:

(a) is the project to be located in a multi-county park formed pursuant to Chapter 29 of Title 4;

(b) is disposal of property subject to the fee allowed;

(c) will special source revenue bonds be issued or credits for infrastructure investment be allowed in connection with this project;

(d) will payment amounts be modified using a net present value calculation; and

(e) do replacement property provisions apply?

(10) any other feature or aspect of the agreement which may affect the calculation of items (7) and (8) of this subsection;

(11) a description of the effect upon the schedules required by items (7) and (8) of this subsection of any feature covered by items (9) and (10) not reflected in the schedules for items (7) and (8) of this subsection;

(12) which party or parties to the agreement are responsible for updating any information contained in the summary document.

(B) The auditor shall prepare a bill for each installment of the fee according to the schedule set forth in subsection (A)(7) or as modified pursuant to subsection (A)(10), (11), or (12) and that payment must be distributed to the affected taxing entities according to the schedule in subsection (A)(8) or as modified pursuant to subsection (A)(10, (11), or (12)."

SECTION 5. Chapter 44, Title 12 of the 1976 Code is amended by adding:

"Section 12-44-55. (A) All agreements entered into pursuant to this chapter must include as the first portion of the document a recapitulation of the remaining contents of the document which includes, but is not limited to, the following: