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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 13-1-55 SO AS TO PROVIDE THAT STATE FUNDS APPROPRIATED TO THE DEPARTMENT OF COMMERCE OR ANY OF ITS DIVISIONS TO PROVIDE INCENTIVES FOR NEW BUSINESS ENTERPRISES TO LOCATE IN SOUTH CAROLINA WHICH ARE ENGAGED IN SPECIFIC COMMERCIAL ENDEAVORS WHICH THE DEPARTMENT BELIEVES WOULD BE BENEFICIAL TO THIS STATE IF PERFORMED IN SOUTH CAROLINA ALSO MUST BE MADE AVAILABLE UNDER THE SAME TERMS AND CONDITIONS AND ON THE SAME PRIORITY BASIS TO EXISTING BUSINESS ENTERPRISES NOW IN THIS STATE WHICH ARE ENGAGED IN SIMILAR COMMERCIAL ENDEAVORS OR WHICH SUPPLY COMPONENT PARTS OR SERVICES TO BUSINESSES ENGAGED IN THOSE COMMERCIAL ENDEAVORS IN ORDER TO PROVIDE INCENTIVES TO THESE IN-STATE BUSINESSES TO EXPAND OR IMPROVE THEIR OPERATIONS IN SOUTH CAROLINA.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 1, Chapter 1, Title 13 of the 1976 Code is amended by adding:
"Section 13-1-55. State funds appropriated to the Department of Commerce or any of its divisions to provide incentives for new business enterprises to locate in South Carolina which are engaged in specific commercial endeavors which the department believes would be beneficial to this State if performed in South Carolina and which do not currently have a physical presence in this State also must be made available under the same terms and conditions, as applicable, and on the same priority basis to existing business enterprises now in this State which are engaged in similar commercial endeavors or which supply component parts or services to businesses engaged in those commercial endeavors in order to provide incentives to these in-state businesses to expand or improve their operations in South Carolina."
SECTION 2. This act takes effect upon approval by the Governor.
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