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S. 41
STATUS INFORMATION
General Bill
Sponsors: Senator Grooms
Document Path: l:\s-res\lkg\009rede.kmm.lkg.docx
Introduced in the Senate on January 12, 2021
Currently residing in the Senate
Summary: Redevelopment Authority
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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12/9/2020 Senate Prefiled
12/9/2020 Senate Referred to Committee on Labor, Commerce and Industry
1/12/2021 Senate Introduced and read first time (Senate Journal-page 110)
1/12/2021 Senate Referred to Committee on Labor, Commerce and Industry
(Senate Journal-page 110)
4/8/2021 Senate Committee report: Favorable Labor, Commerce and Industry
(Senate Journal-page 12)
View the latest legislative information at the website
VERSIONS OF THIS BILL
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
April 8, 2021
S. 41
S. Printed 4/8/21--S.
Read the first time January 12, 2021.
To whom was referred a Bill (S. 41) to amend Section 31-12-70(a)(16) of the 1976 Code, relating to the powers of redevelopment authorities, to provide that certain redevelopment fees may, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
THOMAS C. ALEXANDER for Committee.
Explanation of Fiscal Impact
State Revenue
While this section expands the permitted uses of the redevelopment fees, we expect that the total amount of revenue from the fees will not change. Therefore, this bill will not have an impact on general fund income tax withholdings.
Local Expenditure
While this section expands the permitted uses of the redevelopment fees, we expect that the total amount of revenue from the fees will not change. Therefore, this bill will not have an impact on local expenditures.
Local Revenue
This bill expands the permissive use for redevelopment fees distributed to the local redevelopment authority pursuant to Section 12-10-88. This bill specifies that this revenue can be used to finance, acquire, develop, support, and operate a museum project. This bill does not alter the amount of redevelopment fee revenue. Therefore, this bill will have no local revenue impact.
Frank A. Rainwater, Executive Director
Revenue and Fiscal Affairs Office
TO AMEND SECTION 31-12-70(A)(16) OF THE 1976 CODE, RELATING TO THE POWERS OF REDEVELOPMENT AUTHORITIES, TO PROVIDE THAT CERTAIN REDEVELOPMENT FEES MAY BE USED FOR FINANCING, ACQUIRING, DEVELOPING, SUPPORTING, AND OPERATING CERTAIN MUSEUM PROJECTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 31-12-70(A)(16) of the 1976 Code is amended to read:
"(16) to use the redevelopment fees provided pursuant to Section 12-10-88 for:
(a) the administration and implementation of the redevelopment authority's redevelopment plans which may include programs to reduce unemployment or increase the property tax base in the area served by the authority, including without limitation, by permitting the use of the fees by multicounty economic development not-for-profit corporations whose members include one or more counties that contain some or all of the area of operation of the redevelopment authority for their administration and operating costs; and
(b) financing, acquiring, developing, supporting, and operating museum projects, to include real and personal property, that the redevelopment authority determines are appropriate to support or undertake in order to facilitate tourism and economic development and that are located anywhere within the territorial boundaries of the counties entitled to representation on a redevelopment authority. A museum project is considered a redevelopment project, and the location of the museum is considered within its area of operation. A redevelopment authority may assign, grant, contribute, or otherwise appropriate redevelopment fees in connection with financing, acquiring, developing, supporting, and operating any project authorized in this chapter."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on April 9, 2021 at 9:25 AM