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TO AMEND SECTION 12-6-3360, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TARGETED JOBS TAX CREDIT, SO AS TO PROVIDE THAT IN A COUNTY DESIGNATED "MODERATELY DEVELOPED" WHICH IS CONTIGUOUS TO AT LEAST FOUR COUNTIES DESIGNATED "DISTRESSED" OR "LEAST DEVELOPED", THE CREDIT ALLOWED IS ONE TIER HIGHER THAN THE CREDIT FOR WHICH THE COUNTY WOULD OTHERWISE QUALIFY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3360(B)(5) of the 1976 Code, as last amended by Act 390 of 2006, is further amended by adding a new subitem at the end to read:
"(i) In a county designated 'moderately developed' which is contiguous to at least four counties designated 'distressed' or 'least developed', the credit allowed is one tier higher than the credit for which the county would otherwise qualify."
SECTION 2. This act takes effect upon approval by the Governor and applies for county designations beginning 2007.
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