reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-20. Definitions.

As used in this chapter unless the context otherwise requires:
(A) "Act" means the South Carolina Jobs - Economic Development Fund Act.
(B) "Authority" means the South Carolina Jobs - Economic Development Authority, which is a state-owned enterprise.
(C) "Administrative funds" means all monies, received by the authority from the general fund of the State or from the exercise of the power of taxation by the State or any of its political subdivisions which are designated specifically to be used for the payment of administrative expenses, and the earnings on the funds.
(D) "Bonds" means any evidence of indebtedness of the authority in any form including, but not limited to, notes, warrants, bonds, or any similar obligation evidenced in written, printed, or electronic means.
(E) "Program funds" means any monies, including, but not limited to, the proceeds from bond sales, the sale or disposition of any assets, or any other source available to the authority, other than administrative funds and the earnings on the funds.
(F) "Banks" means financial organizations organized, chartered, or holding an authorization certificate and subject to supervision by an agency or official of South Carolina or of the United States and authorized to make loans and receive deposits. It includes but is not limited to savings and loan associations and savings banks.
HISTORY: 1983 Act No. 145 Section 3; 1992 Act No. 404, Section 1, eff July 1, 1992.
Effect of Amendment
The 1992 amendment, in item (C) added "which are designated specifically to be used . . . . funds."; and in item (E) added "and the earnings on the funds."
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-30. South Carolina Jobs-Economic Development Authority created; status; governance by Board of Directors; composition of board.

There is created the South Carolina Jobs-Economic Development Authority, a public body corporate and politic and an agency of the State, with the responsibility of effecting the public purposes of this act. The authority is governed by a Board of Directors (board) which consists of ten members.
HISTORY: 1983 Act No. 145 Section 4; 1991 Act No. 248, Section 6, effective January 1, 1992; 2012 Act No. 279, Section 14, eff June 26, 2012.
Effect of Amendment
The 1991 amendment decreased the number of members on the Board from eleven to nine.
The 2012 amendment substituted "ten" for "nine".
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-40. Appointment and qualifications of directors; ex officio members; terms.

The Governor shall appoint, upon the advice and consent of the Senate, one director from each congressional district and one from the State at large, who serves as chairman. Directors must have experience in the fields of business, commerce, finance, banking, real estate, or foreign trade. At least two directors must have direct commercial lending experience. The Governor and the Chairman of the State Development Board shall serve ex officio and may designate persons to represent them at meetings of the authority.
Directors serve for terms of three years; however, directors initially appointed from the first and sixth congressional districts and the State at large serve for three years; directors initially appointed from the second and fifth congressional districts serve for two years; and directors initially appointed from the third and fourth congressional districts serve for one year. Thereafter, all directors serve for a term of three years and until their successors are appointed and qualify. All vacancies must be filled for the unexpired term in the manner of the original appointment. Directors are not personally liable for losses unless the losses are occasioned by the wilful misconduct of the directors. Directors may be removed by the Governor for cause or at will. A certificate of the appointment or reappointment of any director must be filed in the offices of the Secretary of State and the authority. The certificate is conclusive evidence of the due and proper appointment of a director.
HISTORY: 1983 Act No. 145 Section 5; 1991 Act No. 248, Section 6, effective January 1, 1992.
Effect of Amendment
The 1991 amendment in the first paragraph, deleted all references to legislative members serving on the authority.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-50. Organization of board; disposition of net earnings; state to retain residual interest; retention of unexpended funds for subsequent years.

As soon as practicable after appointment, the board shall organize by choosing a vice-chairman, secretary, and such other officers as considered necessary.
The net earnings of the authority, beyond that necessary for retirement of its bonds or other obligations or to implement the purposes of this act, shall not inure to the benefit of any person other than the authority. Upon termination of the existence of the authority, title to all property, real and personal, owned by it, including net earnings, must vest in the State.
The authority shall retain unexpended funds at the close of the state fiscal year regardless of the source of the funds and expend the funds in subsequent fiscal years. Nothing contained in this chapter may be construed to imply that the authority may not receive state general appropriation funds or state general obligation bond proceeds.
HISTORY: 1983 Act No. 145 Section 6; 1992 Act No. 404, Section 2, eff July 1, 1992.
Effect of Amendment
The 1992 amendment added the third paragraph.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-60. Meetings of the board; telephonic meetings; quorum; majority vote required for action.

Meetings of the board shall be held at times and in places as the board determines. The board must meet at least one time in each calendar quarter. Meetings of the board may be held by means of conference telephone or any means of communication by which all persons participating in the meeting can hear each other at the same time and participation by such means constitutes presence in person at the meetings. A majority of the board then in office constitutes a quorum at any meeting. Approval of a majority of the board then in office is required to take action.
HISTORY: 1983 Act No. 145 Section 7.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-70. Functions and duties of the authority generally.

The authority shall promote and develop the business and economic welfare of this State, encourage and assist through loans, investments, research, technical and managerial advice, studies, data compilation and dissemination, and similar means, in the location of new business enterprises in this State and in rehabilitation and assistance of existing business enterprises and in the promotion of the export of goods, services, commodities, and capital equipment produced within the State, so as to provide maximum opportunities for creation and retention of jobs and improvement of the standard of living of the citizens of the State, and act in conjunction with other persons and organizations, public or private, in the promotion and advancement of industrial, commercial, agricultural, and recreational development in this State. In the promotion, development, and advancement of these programs, the authority must give consideration to the development of and assistance to small businesses in this State as may be defined by regulation of the authority.
HISTORY: 1983 Act No. 145 Section 8.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-80. Implementation of programs; delegation of authority; responsibility for programs.

The authority must implement the programs of this act as soon as practicable. The authority must exercise care in the performance of its duties and the selection of specific programs and business enterprises to receive its assistance. The authority may delegate its authority to implement the programs authorized to any governmental agency or financial institution. The authority must retain ultimate responsibility and provide proper oversight for the implementation.
HISTORY: 1983 Act No. 145 Section 9.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-100. Industrial development projects.

In addition to other powers vested in the authority by existing laws, the authority has all powers granted the counties and municipalities of this State pursuant to the provisions of Chapter 29, Title 4, including the issuance of bonds by the authority and the refunding of bonds issued under that chapter. The authority may issue bonds pursuant to this section after a public hearing is held as required by federal law to enable interest on such bonds to be excluded from gross income for federal tax purposes. Notice of any required public hearing must be provided to the public and to the clerk of the county council or clerk of the municipal council in the county or municipality in which the project is or will be located at the times and in the manner permitted or required by federal tax law. Additionally, a copy of the public hearing notice must be published by the authority in a newspaper of general circulation in the county in which the project is located before the date of the public hearing, if such public hearing is required by federal law; provided, however, the notice posted by the authority as required by federal law shall control for the purpose of compliance with any federal law and not the notice published in the newspaper where the project is located. The authority may combine for the purposes of a single offering bonds to finance more than one project. The interest rate of bonds issued pursuant to this section is not subject to approval by the South Carolina Coordinating Council for Economic Development.
HISTORY: 1983 Act No. 145 Section 11; 1992 Act No. 404, Section 4, eff July 1, 1992; 2014 Act No. 121 (S.22), Pt VIII, Section 24.A, eff July 1, 2015; 2017 Act No. 80 (H.3927), Section 1, eff June 1, 2017; 2019 Act No. 53 (S.621), Section 1, eff May 16, 2019.
Effect of Amendment
The 1992 amendment revised this section.
2014 Act No. 121, Section 24.A, substituted "Fiscal Accountability Authority" for "Budget and Control Board", and made other nonsubstantive changes.
2017 Act No. 80, Section 1, substituted "not subject to approval by the South Carolina Coordinating Council for Economic Development" for "subject to approval by the State Fiscal Accountability Authority".
2019 Act No. 53, Section 1, rewrote the second sentence and inserted the third and fourth sentences, providing for certain notice requirements before bonds may be issued.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-120. Authority bonds to constitute lawful fiduciary investment.

It is lawful for executors, administrators, guardians, committees, and other fiduciaries to invest any monies in their hands in bonds issued pursuant to this act. Nothing contained in this section is construed as relieving any person from the duty of exercising reasonable care in selecting securities.
HISTORY: 1983 Act No. 145 Section 13.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-130. Bonds and income exempt from certain taxes; exemption of documents from transfer and stamp taxes.

The bonds and the income therefrom are exempt from all taxation in the State except for inheritance, estate, or transfer taxes. All security agreements and financing agreements made pursuant to this act are exempt from stamp and transfer taxes.
HISTORY: 1983 Act No. 145 Section 14.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-140. Insurance fund; use as security for holders of bonds.

The authority may create an insurance fund consisting solely of program funds which must be held as security for the holders of bonds issued under this act. Such funds shall be held in the custody of the State Treasurer, or with his approval may be held in the custody of one or more commercial banks or trust companies having a principal place of business in this State. The authority also may use program funds to purchase insurance to be pledged for the security of the holders of any bonds issued under this act.
In any case in which insurance is pledged as security, whether obtained through the insurance funds authorized to be created under this section or purchased with program funds, it must expressly state the limitation of the liability of the authority and further that neither the credit nor taxing power of the State or any political subdivision thereof is available to satisfy any obligations with respect thereto.
HISTORY: 1983 Act No. 145 Section 15.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-170. Guaranty fund authorized; purposes.

The authority is authorized to create a guaranty fund, consisting solely of program funds, which may be used to guarantee or insure or purchase insurance for loans of financial institutions to business enterprises which meet the eligibility requirements of Section 41-43-150. Such funds shall be held in the custody of the State Treasurer, or with his approval may be held in the custody of one or more commercial banks or trust companies having a principal place of business in this State.
Loans which qualify for a guaranty or insurance under this section must consist of:
(1) Loans to eligible business enterprises located in distressed areas as defined in Section 41-43-180 for any purpose for which a loan may be made pursuant to Section 41-43-160, including the provision of working capital;
(2) Loans used to finance export sales or production for export by eligible business enterprises as provided in Section 41-43-190.
HISTORY: 1983 Act No. 145 Section 18.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-180. Determination of economically distressed areas; criteria.

The authority must maintain a list of the most economically distressed areas of the State. Each area must be within or coexistent with the boundaries of one of the forty-six counties. The list must be determined in accordance with criteria set forth in the regulations of the authority. In formulating criteria, the authority must consider, but not be limited to, the following factors: rate of unemployment, per capita income, average wage rate, and chronic nature of economic problems.
HISTORY: 1983 Act No. 145 Section 19.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-200. Collection and dissemination of information and data.

The authority is authorized to implement such programs as may be consistent with its purposes for the collection and dissemination of information and data useful to business enterprises in this State. The authority may collect and maintain information and undertake such studies and research programs as it deems necessary to facilitate the economic development and creation of jobs in this State. In connection with these programs, the authority must consult and coordinate its programs with those existing federal and state agencies and private economic development organizations.
HISTORY: 1983 Act No. 145 Section 21.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-210. Funds for administrative purposes.

All funds of the authority must be segregated or otherwise accounted for as administrative or program funds and deposited by the authority in a financial institution or institutions to be designated by the State Treasurer in accordance with policies established by the board of the authority. Funds of the authority must be paid out only upon warrants issued in accordance with policies established by the board of the authority. No warrants may be drawn or issued disbursing any of the funds of the authority except for a purpose authorized by this chapter.
HISTORY: 1983 Act No. 145 Section 22; 1992 Act No. 404, Section 7, eff July 1, 1992.
Effect of Amendment
The 1992 amendment revised this section.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-220. Administrative funds not to be obligated except for administrative expenses.

The authority must not incur any obligations, other than obligations related to administrative expenses, payable out of administrative funds. All other obligations are payable solely from program funds which limitation is clearly stated on the face of any bonds and in the text of any other obligation or contract. However, program funds may be used to pay administrative expenses.
HISTORY: 1983 Act No. 145 Section 23; 1992 Act No. 404, Section 8, eff July 1, 1992.
Effect of Amendment
The 1992 amendment added the last sentence.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-230. Disposition of property; authority not required to advertise or take bids.

The authority may dispose of any property acquired by it on terms and conditions considered appropriate. The authority is not required to advertise property or take bids thereon.
HISTORY: 1983 Act No. 145 Section 24; 1992 Act No. 404, Section 9, eff July 1, 1992.
Effect of Amendment
The 1992 amendment in the first sentence deleted "otherwise than with administrative funds" between "it" and "on"; and deleted a sentence providing that in evaluating the consideration received for property or its use the authority must consider nonpecuniary benefits and benefits to the citizenry.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-240. Creation of other corporations.

The authority is authorized to establish profit or not-for-profit corporations as it considers necessary to carry out the purposes of this chapter. Officials or employees of the authority may act as officials or employees without additional compensation of a corporation created pursuant to this section. A corporation established pursuant to this section is considered a "public procurement unit" for purposes of Article 19, Chapter 35 of Title 11.
The authority may make grants or loans to, or make guarantees for, the benefit of any not-for-profit corporation which the authority has caused to be formed whose Articles of Incorporation require that its directors be elected by members of the authority and all assets of which, upon dissolution, must be distributed to the authority if it is in existence or, if it is not in existence, then to the State of South Carolina.
These grants, loans, or guarantees may be made upon a determination by the authority that the receiving not-for-profit corporation is able to carry out the purposes of this act and on the terms and conditions imposed by the authority.
Any guarantee made by the authority shall not create an obligation of the State or its political subdivisions or be a grant or loan of the credit of the State or any political subdivision. Any guarantee issued by the authority must be a special obligation of it. Neither the State nor any political subdivision is liable on any guarantee nor may they be payable out of any funds other than those of the authority and any guarantee issued by the authority shall contain on its face a statement to that effect.
HISTORY: 1983 Act No. 145 Section 25; 1985 Act No. 201, Part II, Section 60; 1992 Act No. 404, Section 10, eff July 1, 1992.
Effect of Amendment
The 1992 amendment in the first paragraph, in the first sentence substituted "chapter" for "act" and added the second and third sentences.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-250. Protection of confidential information.

Any information submitted to or compiled by the authority in connection with the identity, background, finances, marketing plans, trade secrets, or any other commercially sensitive information of persons, firms, associations, partnerships, agencies, corporations, or other entities, is confidential, except to the extent that the person or entity consents to disclosure.
HISTORY: 1983 Act No. 145 Section 26.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-260. Annual audit and report.

The authority must be audited annually by the State Auditor or, upon his approval, may execute contracts with an independent certified public accounting firm. The authority must make an annual report to the State Fiscal Accountability Authority, Revenue and Fiscal Affairs Office, and the Executive Budget Office, and the General Assembly on its programs and operations. The report must include information regarding the size of the businesses that have received assistance based on the number of employees employed and the amount of gross revenues generated during the preceding year. The report also must include the names of businesses that have received assistance and a good faith estimate of the number of jobs retained or created as a result of the authority's assistance.
HISTORY: 1983 Act No. 145 Section 27.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-280. Chapter not to affect other provisions as to authority; when authority considered "agency," "state agency", or other form of state institution.

Neither this chapter nor anything contained in this chapter is construed as a restriction or limitation upon any powers which the authority might otherwise have under any laws of this State, but is construed as cumulative.
Notwithstanding any provision of law or regulation to the contrary, the authority shall continue to be an "agency" for purposes of Chapter 78 of Title 15, but the authority is not considered an "agency" or "state agency" or any other form of state institution for purposes of Sections 2-7-65 and 2-57-60.
HISTORY: 1983 Act No. 145 Section 29; 1992 Act No. 404, Section 11, eff July 1, 1992.
Effect of Amendment
The 1992 amendment, in the first sentence substituted "contained in this chapter" for "herein contained"; and added the second paragraph.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-290. Severability provision.

If a term or provision of a section of this chapter is found to be illegal or unenforceable, the remainder of this chapter nonetheless remains in full force and effect and the illegal or unenforceable term or provision is deleted and severed from this chapter.
HISTORY: 1992 Act No. 404, Section 12, eff July 1, 1992.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 43 - South Carolina Jobs - Economic Development Fund Act › Section 41-43-300. South Carolina Jobs-Economic Development Authority; implementation of State Small Business Credit Initiative; capital assistance programs and other credit support programs; contracts with Business Development Corporation; designation of officer.

(A) The South Carolina Jobs-Economic Development Authority is designated, authorized, and directed to implement the State Small Business Credit Initiative within the State. The South Carolina Jobs-Economic Development Authority is authorized to apply for and receive the South Carolina Small Business Credit Initiative Allocation; to execute and deliver the requisite application, the State Small Business Credit Initiative Allocation Agreement for Participating States, and all other agreements, documents, certificates, and undertakings related thereto, on behalf of the State; to implement one or more Capital Assistance Programs and/or Other Credit Support Programs as permitted under and supported by the State Small Business Credit Initiative; and to contract with the Business Development Corporation of South Carolina in order to administer such programs.
(B) The Board of Directors of the South Carolina Jobs-Economic Development Authority may designate by resolution the appropriate officer, including, if so determined, the Executive Director of the South Carolina Jobs-Economic Development Authority, to execute and deliver, on behalf of the State, the application, the State Small Business Credit Initiative Allocation Agreement, and all other agreements, documents, certificates, and undertakings related thereto.
HISTORY: 2011 Act No. 30, Sections 2, 3, eff May 23, 2011.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 44 - Palmetto Seed Capital Fund Limited Partnership › Section 41-44-10. Definitions.

[This section is repealed upon certification that remaining investments of private sector limited partners have been liquidated. See Editor's Note at the beginning of this Chapter.]
(A) The "Fund" means the Palmetto Seed Capital Fund Limited Partnership, a limited partnership, established and operated as described in Section 41-44-60.
(B) The "corporation" means the corporate general partner of the fund.
(C) "Qualified investment" means qualified stock or a qualified interest which stock or interest is purchased solely for cash.
(D) "Qualified stock" means a share or shares of stock in the Corporation if the stock, when purchased by the taxpayer, is authorized but unissued.
(E) "Qualified interest" means, in the case of the Corporation, a general partnership interest in the Fund, and in the case of all other persons, a limited partnership interest in the Fund.
(F) Reserved.
(G) Reserved.
(H) "Seed capital" means investments in either the common stock, preferred stock, or bonds convertible to either common or preferred stock, or options, warrants, or rights to receive any of the foregoing or any other similar investment in a South Carolina business.
(I) "South Carolina business" means a corporation, general partnership, limited partnership, joint venture, trust, proprietorship or any other similar entity or organization which is either established and operating or will be established to operate in South Carolina.
(J) "Pre-start-up business" means a South Carolina business which is in the process of developing a product or service and prior to such time as the product or service is offered for sale in the ordinary course of business.
(K) "Start-up business" means a South Carolina business which is in the first thirty-six months of providing goods or services in the ordinary course of business or any South Carolina business which qualified as a start-up business by this definition at the time it entered the fund's seed capital portfolio.
(L) "Less Developed Area" has the same meaning as set forth in Section 12-6-3360.
HISTORY: 1988 Act No. 643, Section 2, eff June 7, 1988; 1989 Act No. 3, Section 1, eff February 15, 1989; 1990 Act No. 505, Section 2, with subsection (B) eff May 29, 1990, and subsection (F) eff January 1, 1990; 1995 Act No. 76, Section 17, eff for taxable years beginning after 1995.
Effect of Amendment
The 1989 amendment rewrote the definition of "Start-up business" in subsection (K).
The 1990 amendment, in subsection (B), revised the definition of corporation and, in subsection (F), revised the definition of tax liability.
The 1995 amendment, in subsections (F) and (G), substituted "Reserved" for the existing material and in subsection (L), substituted "Section 12-6-3360" for "Section 12-7-616(a)".
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 44 - Palmetto Seed Capital Fund Limited Partnership › Section 41-44-20. Taxpayer credit.

[This section is repealed upon certification that remaining investments of private sector limited partners have been liquidated. See Editor's Note at the beginning of this Chapter.]
A taxpayer is entitled to a credit for qualified investments in the Palmetto Seed Capital Corporation or the Palmetto Seed Capital Fund Limited Partnership as determined under Section 12-6-3430.
HISTORY: 1988 Act No. 643, Section 2, eff June 7, 1988; 1995 Act No. 76, Section 18, eff for taxable years beginning after 1995.
Effect of Amendment
The 1995 amendment rewrote this section.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 44 - Palmetto Seed Capital Fund Limited Partnership › Section 41-44-30. Tax credit, computation; corporation filing consolidated return; effect of merger, consolidation, or reorganization.

[This section is repealed upon certification that remaining investments of private sector limited partners have been liquidated. See Editor's Note at the beginning of this Chapter.]
Subject to Section 41-44-50, the amount of the credit that a taxpayer may receive under this chapter for a particular taxable year is equal to the lesser of:
(1) the taxpayer's state tax liability for that taxable year;
(2) the amount determined in Step Three of the following steps:
Step One: Add the consideration paid for all qualified investments of the taxpayer during the taxable year of the taxpayer.
Step Two: Multiply the amount determined in Step One by three-tenths.
Step Three: Add the product determined in Step Two to the credit carryover, if any, to which the taxpayer is entitled for the taxable year under Section 41-44-40; or
(3) one-half of all the qualified investments of the taxpayer multiplied by three-tenths.
A corporation which files or is required to file a consolidated return is entitled to the income tax credit allowed by this section on a consolidated basis. The tax credit may be determined on a consolidated basis regardless of whether or not the corporation entitled to the credit contributed to the tax liability of the consolidated group.
The merger, consolidation, or reorganization of a corporation where tax attributes survive does not create new eligibility in a succeeding corporation but unused credits may be transferred and continued by the succeeding corporation. In addition, a corporation may assign its rights to its unused credit to another corporation if it transfers all, or substantially all, of the assets of the corporation or all, or substantially all, of the assets of a trade or business or operating division of a corporation to another corporation.
HISTORY: 1988 Act No. 643, Section 2, eff June 7, 1988; 1994 Act No. 427, Section 4, eff for taxable years beginning after 1987 (approved by the Governor May 24, 1994).
Effect of Amendment
The 1994 amendment added the last two paragraphs, pertaining to entitlement to the credit on a consolidated basis, and to the effect of merger, consolidation or reorganization of a corporation, respectively.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 44 - Palmetto Seed Capital Fund Limited Partnership › Section 41-44-40. Credit carryover.

[This section is repealed upon certification that remaining investments of private sector limited partners have been liquidated. See Editor's Note at the beginning of this Chapter.]
If the amount of the credit determined under Section 41-44-30(2) exceeds the credit allowed under Section 41-44-30 for that taxable year, then the taxpayer may carry the excess over to the immediately succeeding taxable years. However, the credit carryover may not be used for any taxable year that begins on or after ten years from the date of the qualified investment. The amount of the credit carryover from a taxable year must be reduced to the extent that the carryover is used by the taxpayer to obtain a credit under this chapter for any subsequent taxable year.
HISTORY: 1988 Act No. 643, Section 2, eff June 7, 1988.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 44 - Palmetto Seed Capital Fund Limited Partnership › Section 41-44-50. Maximum amount of credits allowed.

[This section is repealed upon certification that remaining investments of private sector limited partners have been liquidated. See Editor's Note at the beginning of this Chapter.]
The total amount of credits allowed under this chapter may not exceed in the aggregate five million dollars for all taxpayers and all taxable years, excluding any allowable tax credits of the Corporation. The credit must be allowed to taxpayers in the order of the time of the purchase of the qualified investments.
HISTORY: 1988 Act No. 643, Section 2, eff June 7, 1988.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 44 - Palmetto Seed Capital Fund Limited Partnership › Section 41-44-70. Tax exemptions.

[This section is repealed upon certification that remaining investments of private sector limited partners have been liquidated. See Editor's Note at the beginning of this Chapter.]
(A) The Corporation, but not the shareholders thereof, is exempt from all state income taxes and also corporate license fees.
(B) Partners of the fund are allowed an exclusion from gross income as provided in Section 12-6-1120(8).
HISTORY: 1988 Act No. 643, Section 2, eff June 7, 1988; 1995 Act No. 76, Section 19, eff for taxable years beginning after 1995.
Effect of Amendment
The 1995 amendment rewrote this section.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 44 - Palmetto Seed Capital Fund Limited Partnership › Section 41-44-80. Redemption of qualified investment.

[This section is repealed upon certification that remaining investments of private sector limited partners have been liquidated. See Editor's Note at the beginning of this Chapter.]
(A) If a qualified investment which is the basis for a credit under this chapter is redeemed by the Fund or the Corporation, within five years of the date it is purchased, the credit provided by this chapter for the qualified investment is disallowed, and any credit previously claimed and allowed with respect to the qualified investment so redeemed must be paid to the Department of Revenue with the appropriate return of the taxpayer covering the period in which the redemption occurred. When payments are made to the Department of Revenue under this section, the amount collected must be handled in the same manner as if no credit had been allowed.
(B) However, neither a distribution by the Fund nor dividends or other distributions by the Corporation are considered to be redemption of a qualified investment unless either the amount of qualified stock owned by the taxpayer or the qualified interest held by the taxpayer, after the distribution or dividend is less than the amount of qualified stock or qualified interest held by the taxpayer immediately prior to the distribution or dividend.
HISTORY: 1988 Act No. 643, Section 2, eff June 7, 1988; 1993 Act No. 181, Section 984, eff July 1, 1993.
Effect of Amendment
The 1993 amendment in subsection (A) substituted "Department of Revenue" for "Tax Commission" and for "Commission".
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 44 - Palmetto Seed Capital Fund Limited Partnership › Section 41-44-90. Procedure to receive tax credit.

[This section is repealed upon certification that remaining investments of private sector limited partners have been liquidated. See Editor's Note at the beginning of this Chapter.]
To receive the credit provided by this chapter, a taxpayer shall:
(1) claim the credit on the taxpayer's annual state income or premium tax return in the manner prescribed by the appropriate commission; and
(2) file with the appropriate commission and with the taxpayer's annual state income or premium tax return a copy of the form issued by the corporation as to the qualified investment by the taxpayer, which includes an undertaking by the taxpayer to report to the appropriate commission any redemption of the qualified investment within the meaning of Section 41-44-80.
HISTORY: 1988 Act No. 643, Section 2, eff June 7, 1988; 1990 Act No. 505, Section 4, approved May 29, 1990, and eff January 1, 1990.
Effect of Amendment
The 1990 amendment provided for tax credits for insurance premium taxes.
2023 South Carolina Code of Laws › Title 41 - Labor and Employment › Chapter 44 - Palmetto Seed Capital Fund Limited Partnership › Section 41-44-100. Forms.

[This section is repealed upon certification that remaining investments of private sector limited partners have been liquidated. See Editor's Note at the beginning of this Chapter.]
The corporation shall complete forms prescribed by the appropriate commission which must show as to each qualified investment in the fund:
(1) the name, address, and identification number of the taxpayer who purchased a qualified investment; and
(2) the nature of the qualified investment purchased by the taxpayer and the amount paid for it.
These forms must be filed with the appropriate commission on or before the fifteenth day of the third month following the month in which the qualified investment is purchased. Copies of the forms to be provided to the appropriate commission must be mailed to the taxpayer on or before the fifteenth day of the second month following the month in which the qualified investment is purchased.
HISTORY: 1988 Act No. 643, Section 2, eff June 7, 1988; 1990 Act No. 505, Section 5, approved May 29, 1990, and eff January 1, 1990.
Effect of Amendment
The 1990 amendment changed the references to the "Tax Commission" to the "appropriate commission."
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-10. Short title.

This title shall be known and cited as "The South Carolina Workers' Compensation Law". All references in this title to "workmen's compensation" shall mean "workers' compensation"; provided, however, all state agencies and departments and all political subdivisions of the State must exhaust the use of all current forms, stationery, and any other printed material before using, printing, or preparing any new forms, stationery, or printed material reflecting the change effected by this section.
HISTORY: 1962 Code Section 72-1; 1952 Code Section 72-1; 1942 Code Section 7035-1; 1936 (39) 1231; 1982 Act No. 303.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-20. Application of definitions.

When used in this title, unless the context otherwise requires, the terms dealt with in Sections 42-1-30 to 42-1-190 shall include the categories or shall have the meanings severally ascribed to them in said sections.
HISTORY: 1962 Code Section 72-2; 1952 Code Section 72-2; 1942 Code Section 7035-2; 1936 (39) 1231.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-30. "Adoption" and "adopted" defined.

The term "adoption" or "adopted" means legal adoption prior to the time of the injury.
HISTORY: 1962 Code Section 72-3; 1952 Code Section 72-3; 1942 Code Section 7035-2; 1936 (39) 1231.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-50. "Average weekly wage in this State for the preceding fiscal year" defined.

As used in this title, the term "average weekly wage in this State for the preceding fiscal year" shall mean the average weekly wage for that period determined by the Department of Employment and Workforce for employment covered by the employment security compensation law.
HISTORY: 1962 Code Section 72-8.1; 1974 (58) 2265; 1976 Act No. 532 Section 1.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-60. "Carrier" and "insurer" defined.

The term "carrier" or "insurer" means any person or fund authorized under Section 42-5-20 to insure under this title and includes self-insurers.
HISTORY: 1962 Code Section 72-5; 1952 Code Section 72-5; 1942 Code Section 7035-2; 1936 (39) 1231.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-70. "Child", "grandchild", "brother" and "sister" defined.

The term "child" shall include a posthumous child, a child legally adopted prior to the injury of the employee and a stepchild or acknowledged illegitimate child dependent upon the deceased, but does not include married children unless wholly dependent upon him. "Grandchild" means a child of a child. "Brother" and "sister" include stepbrothers and stepsisters, half-brothers and half-sisters and brothers and sisters by adoption, but do not include married brothers nor married sisters unless wholly dependent upon the employee. "Child," "grandchild," "brother" and "sister" include only persons under eighteen years of age or wholly dependent upon the employee.
HISTORY: 1962 Code Section 72-6; 1952 Code Section 72-6; 1942 Code Section 7035-2; 1936 (39) 1231; 1955 (49) 459.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-80. "Commission" defined.

The term "commission" means the South Carolina Workers' Compensation Commission created under the provisions of this title.
HISTORY: 1962 Code Section 72-7; 1952 Code Section 72-7; 1942 Code Section 7035-2; 1936 (39) 1231; 1986 Act No. 399, Section 1, eff May 6, 1986.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-90. "Commission" defined; reference to administrative or judicial department.

Whenever the word "commission" is used in this title, it shall refer to the administrative department in matters relating to administration and the judicial department in matters relating to the judicial function of the commission.
HISTORY: 1962 Code Section 72-50.12; 1974 (58) 2251.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-100. "Compensation" defined.

The term "compensation" means the money allowance payable to an employee or to his dependents as provided for in this title and includes funeral benefits provided in this title.
HISTORY: 1962 Code Section 72-8; 1952 Code Section 72-8; 1942 Code Section 7035-2; 1936 (39) 1231.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-110. "Death" defined.

The term "death" as a basis for right to compensation means only death resulting from an injury.
HISTORY: 1962 Code Section 72-9; 1952 Code Section 72-9; 1942 Code Section 7035-2; 1936 (39) 1231.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-120. "Disability" defined.

The term "disability" means incapacity because of injury to earn the wages which the employee was receiving at the time of injury in the same or any other employment.
HISTORY: 1962 Code Section 72-10; 1952 Code Section 72-10; 1942 Code Section 7035-2; 1936 (39) 1231.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-130. "Employee" defined.

The term "employee" means every person engaged in an employment under any appointment, contract of hire, or apprenticeship, expressed or implied, oral or written, including aliens and also including minors, whether lawfully or unlawfully employed, but excludes a person whose employment is both casual and not in the course of the trade, business, profession, or occupation of his employer; and as relating to those employed by the State, the term "employee" includes all members of the South Carolina State and National Guard while performing duties in connection with the membership except duty performed pursuant to Title 10 and Title 32 of the United States Code; all volunteer state constables appointed pursuant to Section 23-1-60, while performing duties in connection with their appointments and authorized by the State Law Enforcement Division; and all officers and employees of the State, except those elected by the people, or by the General Assembly, or appointed by the Governor, either with or without the confirmation of the Senate; and as relating to municipal corporations and political subdivisions of the State, the term "employee" includes all officers and employees of municipal corporations and political subdivisions, except those elected by the people or elected by the council or other governing body of any municipal corporation or political subdivision, who act in purely administrative capacities and are to serve for a definite term of office. Any reference to an employee who has been injured or when the employee is dead, includes also his legal representative, dependents, and other persons to whom compensation may be payable.
Any sole proprietor or partner of a business whose employees are eligible for benefits under this title may elect to be included as employees under the workers' compensation coverage of the business if they are actively engaged in the operation of the business and if the insurer is notified of their election to be included. Any sole proprietor or partner, upon this election, is entitled to employee benefits and is subject to employee responsibilities prescribed in this title.
HISTORY: 1962 Code Section 72-11; 1952 Code Section 72-11; 1942 Code Section 7035-2; 1936 (39) 1231; 1943 (43) 91; 1969 (56) 297; 1974 (58) 2210, 2785; 1976 Act No. 547; 1985 Act No. 174, Section 1, eff June 24, 1985; 1996 Act No. 451, Section 2, eff June 18, 1996; 2002 Act No. 339, Section 37, eff July 2, 2002.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-140. "Employer" defined.

The term "employer" means the State and all political subdivisions thereof, all public and quasi-public corporations therein, every person carrying on any employment and the legal representative of a deceased person or the receiver or trustee of any person.
HISTORY: 1962 Code Section 72-12; 1952 Code Section 72-12; 1942 Code Section 7035-2; 1936 (39) 1231.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-150. "Employment" defined.

The term "employment" includes employment by the State, all political subdivisions thereof, all public and quasi-public corporations therein and all private employments in which four or more employees are regularly employed in the same business or establishment.
HISTORY: 1962 Code Section 72-13; 1952 Code Section 72-13; 1942 Code Section 7035-2; 1963 (39) 1231; 1972 (57) 2339; 1974 (58) 2265.
2023 South Carolina Code of Laws › Title 42 - Workers' Compensation › Chapter 1 - General Provisions › Section 42-1-170. "Parent" defined.

The term "parent" includes stepparents and parents by adoption, parents-in-law and any person who for more than three years prior to the death of the deceased employee stood in the place of a parent to him, if dependent on the injured employee.
HISTORY: 1962 Code Section 72-16; 1952 Code Section 72-16; 1942 Code Section 7035-2; 1936 (39) 1231.