South Carolina Code 12-10-50. Qualification for benefits
(1) be engaged primarily in a business of the type identified in § 12-6-3360;
Terms Used In South Carolina Code 12-10-50
- Council: means the Coordinating Council for Economic Development. 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
- 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
(2) provide a benefits package, including health care, to full-time employees at the project;
(3) enter into a revitalization agreement that is approved by the council and that describes a minimum job requirement and minimum capital investment requirement for the project as provided in § 12-10-90; and
(4) have negotiated incentives that council has determined are appropriate for the project, and the council shall certify that:
(a) the total benefits of the project exceed the costs to the public; and
(b) the business otherwise fulfills the requirements of this chapter.
(B) To qualify for benefits pursuant to § 12-10-95, a business must:
(1) be engaged in manufacturing or processing operations or technology intensive activities at a manufacturing, processing, or technology intensive facility as defined in § 12-6-3360(M);
(2) provide a benefits package, including health care, to employees being retrained; and
(3) enter into a retraining agreement with the council.