Terms Used In South Carolina Code 12-10-105

  • Department: means the South Carolina Department of Revenue. See South Carolina Code 12-10-30
  • 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
  • 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
  • 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
In addition to the application fee provided in § 12-10-100, an additional annual fee of one thousand dollars must be remitted by those qualifying businesses claiming in excess of ten thousand dollars of job development credits or in excess of forty thousand dollars in job retraining credits in one calendar year. The fee is due for each project that is subject to a revitalization agreement that exceeds ten thousand dollars or retraining agreement that exceeds forty thousand dollars in one calendar year and must be remitted to the Department of Revenue to be used to reimburse the department for costs incurred auditing reports required pursuant to § 12-10-80(A). The fee becomes due at the time the single project’s claims for job development credits exceeds ten thousand dollars or job retraining credits exceed forty thousand dollars for that calendar year.