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H. 3113
STATUS INFORMATION
General Bill
Sponsors: Reps. Mitchell and Cobb-Hunter
Document Path: l:\council\bills\nbd\11030cz15.docx
Introduced in the House on January 13, 2015
Introduced in the Senate on April 29, 2015
Currently residing in the Senate Committee on Labor, Commerce and Industry
Summary: Redevelopment project costs
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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12/11/2014 House Prefiled
12/11/2014 House Referred to Committee on Ways and Means
1/13/2015 House Introduced and read first time (House Journal-page 100)
1/13/2015 House Referred to Committee on Ways and Means
(House Journal-page 100)
4/23/2015 House Committee report: Favorable Ways and Means
(House Journal-page 125)
4/28/2015 House Read second time (House Journal-page 127)
4/28/2015 House Roll call Yeas-79 Nays-9 (House Journal-page 127)
4/29/2015 House Read third time and sent to Senate
(House Journal-page 19)
4/29/2015 Senate Introduced and read first time (Senate Journal-page 6)
4/29/2015 Senate Referred to Committee on Labor, Commerce and Industry
(Senate Journal-page 6)
View the latest legislative information at the website
VERSIONS OF THIS BILL
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
April 23, 2015
H. 3113
S. Printed 4/23/15--H.
Read the first time January 13, 2015.
To whom was referred a Bill (H. 3113) to amend Section 31-7-30, as amended, Code of Laws of South Carolina, 1976, relating to redevelopment project costs, so as to provide property assembly, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
W. BRIAN WHITE for Committee.
Fiscal Impact Summary
The bill adds environmental remediation to the allowable uses of funds for tax increment financing but does not impact the generation of revenue and is not expected to impact local revenues.
Local Revenue
This bill would revise the list of qualifying redevelopment project costs for tax increment financing for counties in Title 31 Chapter 7 to include environmental remediation. Currently, the law specifies that redevelopment project costs include property assembly costs for acquisition of land and property, demolition of buildings, and the clearing and grading of land. The bill adds environmental remediation to the list of allowable costs. Since the bill revises the allowable uses of funds but does not impact the generation of revenue, it is not expected to impact local revenues.
Frank A. Rainwater, Executive Director
Revenue and Fiscal Affairs Office
TO AMEND SECTION 31-7-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REDEVELOPMENT PROJECT COSTS, SO AS TO PROVIDE PROPERTY ASSEMBLY COSTS ALSO INCLUDE THE COST OF ENVIRONMENTAL REMEDIATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 31-7-30(9)(b) of the 1976 Code is amended to read:
"(b) property assembly costs including, but not limited to, acquisition of land and other property, real or personal, or rights or interest therein, demolition of buildings, environmental remediation, and the clearing and grading of land;"
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on May 5, 2015 at 12:18 PM