Terms Used In South Carolina Code > Title 12 > Chapter 8 > Article 13 - Depositing and Filing Returns in Connection With Withholding

• Alternative payment method: means fee payments as provided in § 12-44-50(A)(3). 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
• Department: means the South Carolina Department of Revenue. See South Carolina Code 12-44-30
• 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
• 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
• 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
• 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.
• 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 defined in § 12-6-40(A). See South Carolina Code 12-8-10
• 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
• 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: 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
• 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
• 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
• 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
• Withholding agent: means a person required to withhold income taxes under the provisions of this chapter. See South Carolina Code 12-8-10