South Carolina Legislature


Session 108 - (1989-1990)Printer Friendly
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H*3459 (Rat #0266, Act #0173 of 1989) General Bill, By J.I. Rogers and Washington
    A Bill to amend Section 4-29-67, Code of Laws of South Carolina, 1976, relating to the fee in lieu of taxes for industrial revenue projects valued at eighty-five million dollars or more which are financed by industrial revenue bonds, so as to provide that a fee in lieu of taxes equal to the amount of the tax on the undeveloped property is required for years before the completion of the project, to provide an additional element in the calculation of the fee by using an applicable millage rate that every fifth year increases or decreases in step with the actual millage rate applicable for the preceding five years in the district where the project is located, to provide that the results of the determination of minimum payments for affected school districts must be directly foreseeable, to provide that calculation of the fee in lieu of taxes may not include the exemption allowed for corporate headquarters facilities, to provide a five-year period for a project to meet the minimum investment requirements, to provide for a fee in lieu of taxes plus interest when a project fails to meet the minimum investment requirement in a timely manner, and to provide the discount rate that must be used to determine net present value for purposes of calculating the fee in lieu of taxes.-amended title
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02/08/89House Introduced and read first time HJ-14
02/08/89House Referred to Committee on Ways and Means HJ-14
04/20/89House Committee report: Favorable with amendment Ways and Means HJ-18
05/02/89House Amended HJ-57
05/02/89House Read second time HJ-58
05/03/89House Read third time and sent to Senate HJ-11
05/04/89Senate Introduced and read first time SJ-19
05/04/89Senate Referred to Committee on Finance SJ-20
05/24/89Senate Recalled from Committee on Finance SJ-29
05/25/89Senate Read second time SJ-30
05/25/89Senate Ordered to third reading with notice of amendments SJ-30
05/30/89Senate Read third time and enrolled SJ-127
06/02/89 Ratified R 266
06/08/89 Signed By Governor
06/08/89 Effective date 06/08/89
06/08/89 Act No. 173
06/15/89 Copies available

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