South Carolina Code 12-21-6580. Expansion or improvement of facilities; calculation of admissions tax revenues subject to Sections 12-21-6530 and 12-21-6540
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Terms Used In South Carolina Code 12-21-6580
- Benefit period: means a fifteen-year period commencing on the first day of the first month after the date on which the department approves the certification application. See South Carolina Code 12-21-6520
- Certification application: means an application submitted by a county or municipality to the department requesting that the department approve a major tourism or recreation facility or a major tourism or recreation area for the benefits available under §§ 12-21-6530 and 12-21-6540. See South Carolina Code 12-21-6520
- Investment period: means any consecutive sixty-month period, however, the same investment may not be counted more than once in determining whether the appropriate amount of investment has been made within any consecutive sixty-month period. See South Carolina Code 12-21-6520
- Major tourism or recreation area: means a designated development area with one or more tourism or recreation facilities located therein in which an aggregate investment in land and capital assets of at least twenty million dollars is made in the designated development area for tourism or recreation facilities, or as otherwise provided in § 12-21-6560, within the investment period. See South Carolina Code 12-21-6520
- Major tourism or recreation facility: means a tourism or recreation facility in which an aggregate investment in land and capital assets of at least twenty million dollars is made at the facility, or as otherwise provided in § 12-21-6560, within the investment period. See South Carolina Code 12-21-6520
- Tourism or recreation facility: means a theme park, amusement park, historical, educational or trade museum, botanical or zoological garden, aquarium, cultural center, theater, motion picture production studio, convention center, arena, coliseum, auditorium, golf course, spectator or participatory sports facility or any other facility which is subject to collecting and remitting the tax on admissions. See South Carolina Code 12-21-6520
If a major tourism or recreation facility or a major tourism and recreation area is expanded or improved with an additional twenty million dollar investment being made within an investment period, the amount of admissions tax revenues subject to §§ 12-21-6530 and 12-21-6540 for the benefit period is the amount in excess of the annual admissions tax revenues previously generated by the major tourism or recreation facility, or by all of the tourism or recreation facilities within the major tourism or recreation area, as appropriate. This amount is determined by using the average of the admissions tax revenues generated during the twenty-four months preceding the date of the filing of the certification application.