South Carolina Code 12-21-6540. Portion of tax to be transferred to State Treasurer for deposit in special tourism infrastructure development fund; applications for grants; review of applications; guidelines
(B) Deposits into the fund must be separated into special accounts based on which establishment generated the admissions tax subject to this section.
Terms Used In South Carolina Code 12-21-6540
- Benefit period: means a fifteen-year period commencing on the first day of the first month after the date on which the department approves the certification application. See South Carolina Code 12-21-6520
- Council: means the Advisory Coordinating Council for Economic Development. See South Carolina Code 12-21-6520
- Department: means the South Carolina Department of Revenue. See South Carolina Code 12-21-6520
- Establishment: means either a major tourism or recreation facility or a tourism or recreation facility located within a major tourism or recreation area. See South Carolina Code 12-21-6520
- Fund: means the special tourism infrastructure development fund. See South Carolina Code 12-21-6520
- Grant application: means the application submitted to the council whereby a local government may apply to receive a grant from the fund. See South Carolina Code 12-21-6520
- Major tourism or recreation area: means a designated development area with one or more tourism or recreation facilities located therein in which an aggregate investment in land and capital assets of at least twenty million dollars is made in the designated development area for tourism or recreation facilities, or as otherwise provided in § 12-21-6560, within the investment period. See South Carolina Code 12-21-6520
- Major tourism or recreation facility: means a tourism or recreation facility in which an aggregate investment in land and capital assets of at least twenty million dollars is made at the facility, or as otherwise provided in § 12-21-6560, within the investment period. See South Carolina Code 12-21-6520
- Tourism or recreation facility: means a theme park, amusement park, historical, educational or trade museum, botanical or zoological garden, aquarium, cultural center, theater, motion picture production studio, convention center, arena, coliseum, auditorium, golf course, spectator or participatory sports facility or any other facility which is subject to collecting and remitting the tax on admissions. See South Carolina Code 12-21-6520
(C) Counties or municipalities within five miles of the major tourism or recreation facility or major tourism or recreation area may apply to the council for grants from the fund by submitting a grant application.
(D) Upon review of the grant application, the council shall determine the amount of monies to be received by each of the eligible counties or municipalities. All monies must be used directly or indirectly for additional infrastructure improvements. If more than one grant application is being reviewed at the same time, preference must be given to grant applications for infrastructure which directly or indirectly serve the establishment that generates the admissions tax or other development occurring as a result of the creation or expansion of the major tourism or recreation facility or major tourism or recreation area. One year after the end of the benefit period, the council, after consultation with the Department of Parks, Recreation and Tourism, may use these funds for any infrastructure in the State which it determines will aid tourism.
(E) Grants may run for more than one year and may be based upon a specified dollar amount or a percentage of the monies deposited annually into the fund. After approval of a grant application, the council may approve the release of monies to eligible counties and municipalities.
(F) The council shall adopt guidelines to administer the fund including, but not limited to, grant application criteria for review and approval of grant applications. Expenses incurred by the council in administering the fund may be paid from the fund.