Terms Used In South Carolina Code > Title 12 > Chapter 10 - Enterprise Zone Act of 1995

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• 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
• 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
• 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.
• 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}
• Gross wages: means wages subject to withholding. See South Carolina Code 12-10-30
• 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
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• 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.
• 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
• 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
• 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
• 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
• 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
• 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