Terms Used In South Carolina Code > Title 12 > Chapter 8 > Article 17 - Enforcement and Administrative Provisions

• 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.
• County: means the county or counties in which the project is proposed to be located. See South Carolina Code 12-44-30
• County council: means the governing body of the county in which the economic development property is located, except as specifically provided by § 12-44-40(H). See South Carolina Code 12-44-30
• Department: means the South Carolina Department of Revenue. See South Carolina Code 12-44-30
• Economic development property: means each item of real and tangible personal property comprising a project which satisfies the provisions of § 12-44-40(C) and other requirements of this chapter and is subject to a fee agreement. See South Carolina Code 12-44-30
• Employee: includes a resident individual receiving wages, as defined in § 12-8-520(D), for services regardless of where the services are rendered and nonresident individual receiving wages, as defined in § 12-8-520(D), for services rendered in this State. See South Carolina Code 12-8-10
• Enhanced investment: means a project that results in a total investment:
  
  (a) by a single sponsor investing at least one hundred fifty million dollars and creating at least one hundred twenty-five new full-time jobs at the project; provided that the new full-time jobs requirement of this subsection does not apply to a taxpayer who paid more than fifty percent of all property taxes actually collected in the county for more than twenty-five years, ending on the date of the fee agreement;
  
  (b) by a single sponsor investing at least four hundred million dollars; or
  
  (c) that satisfies the requirements of § 11-41-30(2)(a), and for which the Secretary of Commerce has delivered certification pursuant to § 11-41-70(2)(a). See South Carolina Code 12-44-30
• Exemption period: means the period beginning on the first day of the property tax year after the property tax year in which an applicable piece of economic development property is placed in service and ending on the termination date. See South Carolina Code 12-44-30
• Fee: means the amount paid in lieu of ad valorem property tax as provided in the fee agreement. See South Carolina Code 12-44-30
• Fee agreement: means an agreement between the sponsor and the county obligating the sponsor to pay fees instead of property taxes during the exemption period for each item of economic development property as more particularly described in § 12-44-40. See South Carolina Code 12-44-30
• Investment period: means the period beginning with the first day that economic development property is purchased or acquired and ending five years after the commencement date; except that for a project with an enhanced investment as described above, the period ends eight years after the commencement date. See South Carolina Code 12-44-30
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Minimum investment: means an investment in the project of at least two and one-half million dollars within the investment period. See South Carolina Code 12-44-30
• person: includes any individual, trust, estate, partnership, receiver, association, company, limited liability company, corporation, or other entity or group; and
  
  (2) "individual" means a human being. See South Carolina Code 12-2-20
• Personal property: All property that is not real property.
• Project: means land, buildings, and other improvements on the land, including water, sewage treatment and disposal facilities, air pollution control facilities, and all other machinery, apparatus, equipment, office facilities, and furnishings which are considered necessary, suitable, or useful by a sponsor. See South Carolina Code 12-44-30
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Sponsor: means one or more entities which sign the fee agreement with the county and makes the minimum investment, subject to the provisions of § 12-44-40, each of which makes the minimum investment as provided in item (13) and also includes a sponsor affiliate unless the context clearly indicates otherwise. See South Carolina Code 12-44-30
• Sponsor affiliate: means an entity that joins with or is an affiliate of a sponsor and that participates in the investment in, or financing of, a project. See South Carolina Code 12-44-30
• Withholding agent: means a person required to withhold income taxes under the provisions of this chapter. See South Carolina Code 12-8-10