South Carolina General Assembly
108th Session, 1989-1990

Bill 4770

                    Current Status

Bill Number:               4770
Ratification Number:       716
Act Number                 581
Introducing Body:          House
Subject:                   Relating to the South Carolina Research
                           Authority
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A581, R716, H4770)

AN ACT TO AMEND SECTIONS 13-17-30 AND 13-17-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE SOUTH CAROLINA RESEARCH AUTHORITY, SO AS TO AUTHORIZE THE AUTHORITY TO ESTABLISH AND OPERATE RESEARCH, COMPUTER AND TECHNOLOGY-RELATED PROJECTS, AND TO SPECIFY THAT THE AUTHORITY IS EXEMPT FROM INCOME AND PROPERTY TAXES AND FROM SALES AND USE TAXES UNDER CERTAIN CONDITIONS; AND TO REPEAL SECTIONS 13-17-110 AND 13-17-120 RELATING TO TAXES AND SURPLUS FUNDS OF THE SOUTH CAROLINA RESEARCH AUTHORITY.

Be it enacted by the General Assembly of the State of South Carolina:

Additional projects authorized

SECTION 1. Section 13-17-30 of the 1976 Code is amended to read:

"Section 13-17-30. The authority shall operate research parks in cooperation with the institutions of higher learning in South Carolina. Three parks initially must be established, one each near Clemson University, the Medical University of South Carolina, and the University of South Carolina. The authority may establish and operate additional research parks and research, computer and technology-related projects, and facilities as determined by the board of trustees. The authority is responsible for all decisions and operations of any research park, project, or facility established under this chapter."

Tax exemptions

SECTION 2. Section 13-17-90 of the 1976 Code is amended to read:

"Section 13-17-90. It is found and declared that the project authorized by this chapter is in all respects for the benefit of all the people of the State, for the improvement of their welfare and material prosperity, and is a public purpose and being a corporation owned completely by the people of the State. The authority shall pay no taxes or assessments including, but not limited to, income tax, sales and use tax, and property tax upon any of the property acquired by it or upon any of its activities; except that the authority is entitled to the above-referenced sales and use tax exemption only in (1) transactions to obtain tangible personal property for the authority's own use or consumption, (2) transactions related to authority contracts with governmental entities and nonprofit entities, and (3) transactions related to authority contracts with private, for profit entities doing business in South Carolina, where these contracts do not place these entities in competition with other private, for profit entities doing business in South Carolina. The securities and other obligations issued by the authority, their transfer, and the income is free from taxation. After payment of necessary operating expenses and all annual debt requirements, the authority shall reinvest net earnings furthering the purposes of this chapter."

Repeal

SECTION 3. Sections 13-17-110 and 13-17-120 of the 1976 Code are repealed.

Time effective

SECTION 4. This act takes effect upon approval by the Governor.

Approved the 11th day of June, 1990.