South Carolina Code 12-10-30. Definitions
(1) "Council" means the Coordinating Council for Economic Development.
Terms Used In South Carolina Code 12-10-30
- Council: means the Coordinating Council for Economic Development. See South Carolina Code 12-10-30
- Department: means the South Carolina Department of Revenue. See South Carolina Code 12-10-30
- Employee: means an employee of the qualifying business who works full time at the project. See South Carolina Code 12-10-30
- Job development credit: means the amount a qualifying business may claim as a credit against employee withholding pursuant to §§ 12-10-80 and 12-10-81 and a revitalization agreement. See South Carolina Code 12-10-30
- person: includes any individual, trust, estate, partnership, receiver, association, company, limited liability company, corporation, or other entity or group; and
(2) "individual" means a human being. See South Carolina Code 12-2-20 - Preliminary revitalization agreement: means the application by the qualifying business for benefits pursuant to § 12-10-80 or 12-10-81 if the council approves the application and agrees in writing at the time of approval to allow the approved application to serve as the preliminary revitalization agreement. See South Carolina Code 12-10-30
- Project: means an investment for one or more purposes pursuant to this chapter needed for a qualifying business to locate, remain, or expand in this State and otherwise fulfill the requirements of this chapter. See South Carolina Code 12-10-30
- Qualifying business: means a business that meets the requirements of § 12-10-50 and other applicable requirements of this chapter. See South Carolina Code 12-10-30
- Related person: includes any entity or person that bears a relationship to a business as provided in Internal Revenue Code Section 267 or 707(b). See South Carolina Code 12-10-30
- Retraining agreement: means an agreement entered into between a business and the council in which a qualifying business is entitled to retraining credit pursuant to § 12-10-95. See South Carolina Code 12-10-30
- Retraining credit: means the amount that a business may claim as a credit against withholding pursuant to § 12-10-95 and the retraining agreement. See South Carolina Code 12-10-30
- Revitalization agreement: means an executed agreement entered into between the council and a qualifying business that describes the project and the negotiated terms and conditions for a business to qualify for a job development credit pursuant to § 12-10-80 or 12-10-81. See South Carolina Code 12-10-30
- Technology intensive activities: means the design, development, and introduction of new products or innovative manufacturing processes, or both, through the systematic application of scientific and technical knowledge at a technology intensive facility as defined in § 12-6-3360(M). See South Carolina Code 12-10-30
- Withholding: means employee withholding pursuant to Chapter 8 of this title. See South Carolina Code 12-10-30
(2) "Department" means the South Carolina Department of Revenue.
(3) "Employee" means an employee of the qualifying business who works full time at the project.
(4) "Gross wages" means wages subject to withholding.
(5) "Job development credit" means the amount a qualifying business may claim as a credit against employee withholding pursuant to §§ 12-10-80 and 12-10-81 and a revitalization agreement.
(6) "New job" means a job created or reinstated as defined in § 12-6-3360(M)(3).
(7) "Qualifying business" means a business that meets the requirements of § 12-10-50 and other applicable requirements of this chapter.
(8) "Project" means an investment for one or more purposes pursuant to this chapter needed for a qualifying business to locate, remain, or expand in this State and otherwise fulfill the requirements of this chapter.
(9) "Preliminary revitalization agreement" means the application by the qualifying business for benefits pursuant to § 12-10-80 or 12-10-81 if the council approves the application and agrees in writing at the time of approval to allow the approved application to serve as the preliminary revitalization agreement. The date of the preliminary revitalization agreement is the date of the council approval.
(10) "Revitalization agreement" means an executed agreement entered into between the council and a qualifying business that describes the project and the negotiated terms and conditions for a business to qualify for a job development credit pursuant to § 12-10-80 or 12-10-81.
(11) "Qualifying expenditures" means those expenditures that meet the requirements of § 12-10-80(C) or 12-10-81(D).
(12) "Withholding" means employee withholding pursuant to Chapter 8 of this title.
(13) "Technology employee" means an employee at a technology intensive facility as defined in § 12-6-3360(M)(14) who is directly engaged in technology intensive activities at that facility.
(14) "Production employee" means an employee directly engaged in manufacturing or processing at a manufacturing or processing facility as defined in § 12-6-3360(M).
(15) "Retraining agreement" means an agreement entered into between a business and the council in which a qualifying business is entitled to retraining credit pursuant to § 12-10-95.
(16) "Retraining credit" means the amount that a business may claim as a credit against withholding pursuant to § 12-10-95 and the retraining agreement.
(17) "Technology intensive activities" means the design, development, and introduction of new products or innovative manufacturing processes, or both, through the systematic application of scientific and technical knowledge at a technology intensive facility as defined in § 12-6-3360(M).
(18) "Significant business" means a qualifying business making a significant capital investment as defined in § 12-44-30(7).
(19) "Related person" includes any entity or person that bears a relationship to a business as provided in Internal Revenue Code Section 267 or 707(b). The related person must be a "qualifying business" as defined in item 7, except that the related person does not have to meet the requirements of § 12-10-50(A)(1) or, in case the qualifying business qualifies for the credit against withholding for retraining pursuant to § 12-10-95 of this chapter, the related person does not have to meet the requirements of § 12-10-50(B)(1).