Terms Used In South Carolina Code > Title 11 > Chapter 9 - State Finances Generally

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• 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.
• Amortization: Paying off a loan by regular installments.
• 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.
• Conference report: The compromise product negotiated by the conference committee. The "conference report" is submitted to each chamber for its consideration, such as approval or disapproval.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Council: means the Coordinating Council for Economic Development. See South Carolina Code 12-10-30
• Decedent: A deceased person.
• 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
• Department: means the Department of Commerce. See South Carolina Code 11-56-20
• Employee: means an employee of the qualifying business who works full time at the project. See South Carolina Code 12-10-30
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Grantor: The person who establishes a trust and places property into it.
• 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
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Majority leader: see Floor Leaders
• Microenterprise: means any business, whether new or existing, with five or fewer employees, including startup, home-based, and self-employed businesses. See South Carolina Code 11-56-20
• Microloan: means any business loan up to twenty-five thousand dollars. See South Carolina Code 11-56-20
• Microloan delivery organization: means a community-based or nonprofit program that has developed a viable plan for providing training, access to financing, and technical assistance for microenterprises. See South Carolina Code 11-56-20
• Minority leader: See Floor Leaders
• net income: as used in this chapter , means taxable income as determined for a regular corporation in Chapter 6 of this title after deducting all earnings accrued, paid, credited, or set aside for the benefit of holders of savings or investment accounts, any additions to reserves which are required by law, regulation, or direction of appropriate supervisory agencies, and a bad debt deduction. See South Carolina Code 12-13-20
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Operating costs: means the costs associated with administering a loan or a loan guaranty, administering a revolving loan program, or providing for business training and technical assistance to a microloan recipient. See South Carolina Code 11-56-20
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• partnership: includes a limited liability company taxed for South Carolina income tax purposes as a partnership;
  
  (2) "partner" includes a member of a limited liability company taxed for South Carolina income tax purposes as a partnership;
  
  (3) "corporation" includes a limited liability company or professional or other association taxed for South Carolina income tax purposes as a corporation; and
  
  (4) "shareholder" includes a member of a limited liability company taxed for South Carolina income tax purposes as a corporation. See South Carolina Code 12-2-25
• 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
• 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
• Program: means the Microenterprise Partnership Program. See South Carolina Code 11-56-20
• 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 debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit.
• 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
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• 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
• 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
• Statewide microlending support organization: means a community-based or nonprofit organization that has a demonstrated capacity and a plan for providing and administering grants or loans to microloan delivery organizations. See South Carolina Code 11-56-20
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• 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
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
• Withholding: means employee withholding pursuant to Chapter 8 of this title. See South Carolina Code 12-10-30