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Bill Number: 424 Ratification Number: 215 Act Number 139 Introducing Body: Senate Subject: Joint development
(A139, R215, S424)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 4-1-170 SO AS TO PROVIDE THAT COUNTIES JOINTLY DEVELOPING AN INDUSTRIAL PARK PURSUANT TO SECTION 13, ARTICLE VIII OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, SHALL INCLUDE EXPENSE SHARING AND PERCENTAGE ALLOCATION AND DISTRIBUTION OF REVENUE IN THEIR WRITTEN AGREEMENT AND THAT ALLOCATIONS FOR PURPOSES OF LIMITATIONS ON BONDED INDEBTEDNESS AND THE INDEX OF TAXPAYING ABILITY MUST BE IDENTICAL TO THE REVENUE PERCENTAGE ALLOCATION; TO AMEND THE 1976 CODE BY ADDING SECTION 4-9-25, SO AS TO CONFER ADDITIONAL POWERS ON COUNTY GOVERNING BODIES; AND TO AMEND SECTION 12-7-1220, AS AMENDED, RELATING TO THE TARGETED JOBS' TAX CREDIT, SO AS TO PROVIDE AN ADDITIONAL ANNUAL CORPORATE INCOME TAX CREDIT EQUAL TO FIVE HUNDRED DOLLARS FOR FIVE YEARS FOR EACH NEW FULL-TIME JOB CREATED IN A BUSINESS OR INDUSTRIAL PARK JOINTLY DEVELOPED BY A GROUP OF COUNTIES.
Be it enacted by the General Assembly of the State of South Carolina:
Joint development authorized
SECTION 1. Chapter 1, Title 4 of the 1976 Code is amended by adding:
"Section 4-1-170. By written agreement, counties may develop jointly an industrial or business park with other counties within the geographical boundaries of one or more of the member counties as provided in Section 13 of Article VIII of the Constitution of this State. The written agreement entered into by the participating counties must include provisions which:
(1) address sharing expenses of the park;
(2) specify by percentage the revenue to be allocated to each county;
(3) specify the manner in which revenue must be distributed to each of the taxing entities within each of the participating counties.
For the purpose of bonded indebtedness limitation and for the purpose of computing the index of taxpaying ability pursuant to Section 59-20-20(3), allocation of the assessed value of property within the park to the participating counties must be identical to the percentage utilized for the allocation of revenue to each of the counties."
Income tax credit allowed
SECTION 2. (1) Subsection (E) of Section 12-7-1220 of the 1976 Code is amended to read:
"(E) Tax credits for five years for the taxes imposed by Section 12-7-230 must be awarded for additional new full-time jobs created by business enterprises qualified under subsections (B), (C), (D), and (H) of this section. Additional new full-time jobs must be determined by subtracting highest total employment of the business enterprise during years two through six, or whatever portion of year two through six completed, from the total increased employment. The commission shall adjust the credit allowed in the event of employment fluctuations during the additional five years of credit."
(2) Section 12-7-1220 of the 1976 Code is amended by adding a new subsection (H) to read:
"(H) Permanent business enterprises engaged in manufacturing, processing, warehousing, wholesaling, research and development, and service-related industries in a business or industrial park jointly established and developed by a group of counties pursuant to Section 13 of Article VIII of the Constitution of this State are allowed an additional job tax credit for taxes imposed by Section 12-7-230, which is in addition to those job tax credits already authorized by this section, equal to five hundred dollars annually for each new full-time employee job for five years beginning with years two through six after the creation of the job. The number of new full-time jobs must be determined by comparing the monthly average number of full-time employees subject to South Carolina income tax withholding for the taxable year with the corresponding period of the prior taxable year. The limitations and conditions contained in subsections (E), (F), and (G) of this section also apply to the additional job tax credit authorized by this subsection (H).
Notwithstanding which of the participating counties where the permanent business is located, for purposes of the regular job tax credits authorized by subsections (B), (C), and (D) of this section, the participating county which would qualify for the greatest dollar amount of job tax credit is the county the permanent business enterprise is deemed to be located in regardless of whether or not it is actually located in another participating county."
Powers of counties
SECTION 3. The 1976 Code is amended by adding:
"Section 4-9-25. All counties of the State, in addition to the powers conferred to their specific form of government, have authority to enact regulations, resolutions, and ordinances, not inconsistent with the Constitution and general law of this State, including the exercise of these powers in relation to health and order in counties or respecting any subject as appears to them necessary and proper for the security, general welfare, and convenience of counties or for preserving health, peace, order, and good government in them. The powers of a county must be liberally construed in favor of the county and the specific mention of particular powers may not be construed as limiting in any manner the general powers of counties."
SECTION 4. This act takes effect upon approval by the Governor.