Terms Used In South Carolina Code > Title 12 > Chapter 21 > Article 27 - The Tourism Infrastructure Admissions Tax Act

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Council: means the Advisory Coordinating Council for Economic Development. See South Carolina Code 12-21-6520
• Department: means the South Carolina Department of Revenue. See South Carolina Code 12-21-6520
• Designated development area: means a contiguous area set aside by municipal or county ordinance in which one or more tourism or recreation facilities will be located. See South Carolina Code 12-21-6520
• Establishment: means either a major tourism or recreation facility or a tourism or recreation facility located within a major tourism or recreation area. See South Carolina Code 12-21-6520
• 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.
• Fund: means the special tourism infrastructure development fund. See South Carolina Code 12-21-6520
• Grant application: means the application submitted to the council whereby a local government may apply to receive a grant from the fund. 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
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Personal property: All property that is not real property.
• 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
• Trustee: A person or institution holding and administering property in trust.