Terms Used In South Carolina Code > Title 12 > Chapter 44 - Fee in Lieu of Tax Simplification Act

• Alternative payment method: means fee payments as provided in § 12-44-50(A)(3). See South Carolina Code 12-44-30
• Bequest: Property gifted by will.
• Commencement date: means the last day of the property tax year during which economic development property is placed in service, except that this date must not be later than the last day of the property tax year which is three years from the year in which the county and the sponsor enter into a fee agreement. See South Carolina Code 12-44-30
• County: means the county or counties in which the project is proposed to be located. See South Carolina Code 12-44-30
• County council: means the governing body of the county in which the economic development property is located, except as specifically provided by § 12-44-40(H). See South Carolina Code 12-44-30
• Decedent: means a deceased person. See South Carolina Code 12-16-20
• Deficiency: means the amount by which the tax imposed by this chapter exceeds:
  
  (1) the sum of:
  
  (a) the amount shown as the tax by the taxpayer upon his return, if a return was made by the taxpayer and an amount was shown as the tax by the taxpayer thereon, plus
  
  (b) the amounts previously assessed (or collected without assessment) as a deficiency, over
  
  (2) the amount of any credits allowable with respect thereto. See South Carolina Code 12-16-20
• Department: means the South Carolina Department of Revenue. See South Carolina Code 12-44-30
• Devise: To gift property by will.
• Economic development property: means each item of real and tangible personal property comprising a project which satisfies the provisions of § 12-44-40(C) and other requirements of this chapter and is subject to a fee agreement. See South Carolina Code 12-44-30
• Employee: includes a resident individual receiving wages, as defined in § 12-8-520(D), for services regardless of where the services are rendered and nonresident individual receiving wages, as defined in § 12-8-520(D), for services rendered in this State. See South Carolina Code 12-8-10
• Employer: means the person for whom an individual performs or performed a service, of whatever nature, as the employee of the person. See South Carolina Code 12-8-10
• Enhanced investment: means a project that results in a total investment:
  
  (a) by a single sponsor investing at least one hundred fifty million dollars and creating at least one hundred twenty-five new full-time jobs at the project; provided that the new full-time jobs requirement of this subsection does not apply to a taxpayer who paid more than fifty percent of all property taxes actually collected in the county for more than twenty-five years, ending on the date of the fee agreement;
  
  (b) by a single sponsor investing at least four hundred million dollars; or
  
  (c) that satisfies the requirements of § 11-41-30(2)(a), and for which the Secretary of Commerce has delivered certification pursuant to § 11-41-70(2)(a). See South Carolina Code 12-44-30
• Exemption period: means the period beginning on the first day of the property tax year after the property tax year in which an applicable piece of economic development property is placed in service and ending on the termination date. See South Carolina Code 12-44-30
• Fee: means the amount paid in lieu of ad valorem property tax as provided in the fee agreement. See South Carolina Code 12-44-30
• Fee agreement: means an agreement between the sponsor and the county obligating the sponsor to pay fees instead of property taxes during the exemption period for each item of economic development property as more particularly described in § 12-44-40. See South Carolina Code 12-44-30
• Inducement resolution: means a resolution of the county setting forth the commitment of the county to enter into a fee agreement. See South Carolina Code 12-44-30
• Industrial development park: means an industrial or business park developed by two or more counties as defined in § 4-1-170. See South Carolina Code 12-44-30
• Internal Revenue Code: means the Internal Revenue Code as described in § 12-6-40(A). See South Carolina Code 12-16-20
• Internal Revenue Code: means the Internal Revenue Code as defined in § 12-6-40(A). See South Carolina Code 12-8-10
• Investment period: means the period beginning with the first day that economic development property is purchased or acquired and ending five years after the commencement date; except that for a project with an enhanced investment as described above, the period ends eight years after the commencement date. See South Carolina Code 12-44-30
• Minimum investment: means an investment in the project of at least two and one-half million dollars within the investment period. See South Carolina Code 12-44-30
• Net estate: means the net estate as determined under the provisions of the Internal Revenue Code. See South Carolina Code 12-16-20
• Nonresident: means an individual domiciled outside this State and an entity whose principal place of business is outside of this State. See South Carolina Code 12-8-10
• Person: means persons, corporations, associations, joint stock companies, and business trusts. See South Carolina Code 12-16-20
• Person: includes an individual, trust, estate, partnership, receiver, association, company, corporation, or any other entity including the United States, a state, a political subdivision or agency of the United States or any state, and a municipality located in this State. See South Carolina Code 12-8-10
• Personal representative: means the personal representative of the estate of the decedent, appointed, qualified, and acting within the State, or, if there is no personal representative appointed, qualified, and acting within the State, then any person in actual or constructive possession of the South Carolina gross estate of the decedent. See South Carolina Code 12-16-20
• Project: means land, buildings, and other improvements on the land, including water, sewage treatment and disposal facilities, air pollution control facilities, and all other machinery, apparatus, equipment, office facilities, and furnishings which are considered necessary, suitable, or useful by a sponsor. See South Carolina Code 12-44-30
• Qualified nuclear plant facility: means a nuclear electric power generating plant regulated by the Nuclear Regulatory Commission and includes all real and personal property incorporated into or associated with the facility located or to be located within this State with a total minimum level of investment of one billion dollars. See South Carolina Code 12-44-30
• Replacement property: means property placed under the fee agreement to replace economic development property previously subject to the fee agreement, as provided in § 12-44-60. See South Carolina Code 12-44-30
• Resident: means a decedent who was domiciled in this State at his death. See South Carolina Code 12-16-20
• Sponsor: means one or more entities which sign the fee agreement with the county and makes the minimum investment, subject to the provisions of § 12-44-40, each of which makes the minimum investment as provided in item (13) and also includes a sponsor affiliate unless the context clearly indicates otherwise. See South Carolina Code 12-44-30
• Sponsor affiliate: means an entity that joins with or is an affiliate of a sponsor and that participates in the investment in, or financing of, a project. See South Carolina Code 12-44-30
• State: means any state, territory, or possession of the United States and the District of Columbia. See South Carolina Code 12-16-20
• Termination date: means the date that is the last day of a property tax year that is no later than the twenty-ninth year following the first property tax year in which an applicable piece of economic development property is placed in service. See South Carolina Code 12-44-30
• United States: when used in a geographical sense includes only the fifty states and the District of Columbia. See South Carolina Code 12-16-20
• Withholding agent: means a person required to withhold income taxes under the provisions of this chapter. See South Carolina Code 12-8-10