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TO AMEND SECTION 12-6-3360, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TARGETED JOBS TAX CREDIT, SO AS TO ALLOW THE UNEMPLOYMENT RATE AND PER CAPITA INCOME FACTORS TO BE CALCULATED FOR AN INDIVIDUAL SCHOOL DISTRICT LOCATED IN A COUNTY DESIGNATED DEVELOPED OR MODERATELY DEVELOPED AND IF THOSE FACTORS IN THE SCHOOL DISTRICT FALL WITHIN THE RANGE OF A DISTRESSED, LEAST DEVELOPED, OR UNDERDEVELOPED COUNTY, TO ALLOW A PROJECT LOCATED IN THE SCHOOL DISTRICT TO RECEIVE THE CREDITS ALLOWED IN A DISTRESSED, LEAST DEVELOPED, OR UNDERDEVELOPED COUNTY, AS APPLICABLE, IF THE PROJECT IS OTHERWISE QUALIFIED, JOB DEVELOPMENT CREDITS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3360(B)(5) of the 1976 Code, as last amended by Act 116 of 2007, is further amended by adding a new subitem at the end appropriately lettered to read:
"( ) Regardless of the designation of a county based solely on the unemployment rate and per capita income factors, if those factors, when calculated for an individual school district in a county designated developed or moderately developed, fall in the range of a county designated distressed, least developed, or underdeveloped, a project located in that school district is eligible for the credits allowed by this section for a distressed, least developed, or underdeveloped county as applicable, and, if otherwise qualified, for the job development credits allowed pursuant to Sections 12-10-80 and 12-10-81."
SECTION 2. This act takes effect upon approval by the Governor.
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