South Carolina Code 12-10-82. Irrevocable assignment of future payments
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(A) At the time the qualifying business enters into a revitalization agreement, it may make, with the approval of council, an irrevocable assignment of future payments attributable to the job development credit made pursuant to this chapter to the designated trustee or designee.
(B) For purposes of this section:
Terms Used In South Carolina Code 12-10-82
- 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
- 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
- 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
- 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
- Trustee: A person or institution holding and administering property in trust.
(1) "designated trustee" means the single financial institution designated by the council to receive all assignments of payments made pursuant to this chapter and to the terms of an agreement entered into by the qualifying business; and
(2) "other designee" means a taxpayer that receives a minimum of seventy percent of the goods or services produced by the qualifying business at the project.
(C) The election must be made on a form provided by the department, including a waiver of confidentiality pursuant to § 12-54-240, and the payments may be paid only to the designated trustee or other designee.