Terms Used In South Carolina Code > Title 11 > Chapter 5 - State Treasurer

• account: means an individual savings account established in accordance with the provisions of this article and pursuant to Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Account owner: means the person who enters into a Palmetto ABLE account agreement pursuant to the provisions of this article. See South Carolina Code 11-5-410
• Agency: means an authority, board, branch, commission, committee, department, division, or other instrumentality of the executive department of state government, including administrative bodies and bodies corporate and politic established as an instrumentality of the State. See South Carolina Code 1-6-10
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Authority: means the South Carolina Rural Infrastructure Authority. See South Carolina Code 11-50-40
• Council: means the Coordinating Council for Economic Development. See South Carolina Code 12-10-30
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the South Carolina Department of Revenue. See South Carolina Code 12-10-30
• Designated beneficiary: means an eligible individual whose qualified disability expenses may be paid from the account. See South Carolina Code 11-5-410
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Eligible entity: means a municipality, county, special purpose or public service district, and public works commission. See South Carolina Code 11-50-40
• Employee: includes an individual who contracts with an agency for personal services. See South Carolina Code 1-6-10
• Employee: means an employee of the qualifying business who works full time at the project. See South Carolina Code 12-10-30
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Ex officio: Literally, by virtue of one's office.
• Facilities and administration costs: means depreciation and use allowances, interest on debt associated with buildings, equipment and capital improvements, operation and maintenance expenses, library expenses, general administration expenses, departmental administration, sponsored projects administration, and student administration and services. See South Carolina Code 11-51-30
• Financial organization: means an organization authorized to do business in this State and is:
  
  (a) licensed or chartered by the Director of Insurance;
  
  (b) licensed or chartered by the State Commissioner of Banking;
  
  (c) chartered by an agency of the federal government; or
  
  (d) subject to the jurisdiction and regulation of the federal Securities and Exchange Commission. See South Carolina Code 11-5-410
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• General obligation debt: means any indebtedness of the State which must be secured in whole or in part by a pledge of the full faith, credit and taxing power of the State, including, but not limited to, bonds, notes, and other evidences of indebtedness, and issued pursuant to the provisions of this chapter. See South Carolina Code 11-51-30
• Gross wages: means wages subject to withholding. See South Carolina Code 12-10-30
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• individual: means a human being. See South Carolina Code 12-2-20
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Loan: means an obligation subject to repayment which is provided by the authority to a qualified borrower for all or a part of the eligible cost of a qualified project. See South Carolina Code 11-50-40
• Management contract: means a contract executed by the State Treasurer and a program manager selected to act as a depository or manager of the program, or both. See South Carolina Code 11-5-410
• Member of the family: has the meaning defined in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Other financial assistance: means , but is not limited to, grants, contributions, credit enhancement, capital or debt reserves for bonds or debt instrument financing, interest rate subsidies, provision of letters of credit and credit instruments, provision of bond or other debt financing instrument security, and other lawful forms of financing and methods of leveraging funds that are approved by the board. See South Carolina Code 11-50-40
• Oversight: Committee review of the activities of a Federal agency or program.
• 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
• Personal property: All property that is not real property.
• Political subdivision: includes a county, city, municipality, town, village, township, district, authority, special purpose district, school district, other local government entity, or other public corporation or entity whether organized and existing under charter or general law. See South Carolina Code 1-6-10
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• 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
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Program: means the Palmetto ABLE Savings Program established pursuant to this article. See South Carolina Code 11-5-410
• Program manager: means a financial organization or an agency or department of another state that has been designated to administer a qualified ABLE Program selected by the State Treasurer to act as a depository or manager of the program, or both. See South Carolina Code 11-5-410
• project: means a project that would advance economic development and create a knowledge based economy, thereby increasing job opportunities, or facilitate and increase externally funded research at the research universities, including, but not limited to, land acquisition, acquisition or construction of buildings, equipment, furnishings, site preparation, road and highway improvements, water and sewer infrastructure, and other things necessary or convenient to advance economic development or to facilitate and increase research at the research universities. See South Carolina Code 11-51-30
• 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
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Qualified disability expense: means any qualified disability expense included in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Qualified withdrawal: means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account. See South Carolina Code 11-5-410
• 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
• Qualifying expenditures: means those expenditures that meet the requirements of § 12-10-80(C) or 12-10-81(D). See South Carolina Code 12-10-30
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• 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
• Research Centers of Excellence Review Board: means the board created pursuant to § 2-75-10. See South Carolina Code 11-51-30
• Research universities: means Clemson University, The Medical University of South Carolina, and the University of South Carolina-Columbia. See South Carolina Code 11-51-30
• 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
• Rollover distribution: means a rollover distribution as defined in Section 529A of the federal Internal Revenue Code of 1986, as amended. See South Carolina Code 11-5-410
• Secretary: means the Secretary of the United States Treasury. See South Carolina Code 11-5-410
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Significant business: means a qualifying business making a significant capital investment as defined in § 12-44-30(7). See South Carolina Code 12-10-30
• State board: means the governing board of the State Fiscal Accountability Authority. See South Carolina Code 11-51-30
• Statute: A law passed by a legislature.
• 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
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Withholding: means employee withholding pursuant to Chapter 8 of this title. See South Carolina Code 12-10-30